TechFlow, Sept. 10 — According to CryptoQuant data, analyst Axel Adler Jr. stated that the 7-day average trading volume on centralized exchanges was approximately $15.8 billion per day, while spot ETFs reached $1.7 billion daily. This results in a ratio of 9.2:1 between centralized exchange and ETF volumes, with ETFs accounting for nearly 10% of total trading volume.
The analyst noted that Bitcoin price movements are still primarily driven by trading on centralized exchanges, where volume is almost ten times that of spot ETFs. Although ETF inflows have added liquidity and helped support trend stability, they have not yet become the main driver of BTC price action.
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