Wu Shuo learned that, according to Glassnode data, the 30-day moving average of U.S. spot ETF trading has decreased from $4.4 billion per day in October 2025 to just $960 million per day now, a decline of 78%. Combined with the previous 49% drop in trading volume reported by DAT, both of BTC's TradFi channels have sent similar signals: speculative demand for BTC in traditional markets has gradually disappeared.

BTC0.63%
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