Glassnode data shows that the 30-day moving average trading volume of the US spot Bitcoin ETF has decreased from $4.4 billion in October last year to $960 million, a decline of 78%.

This data is not isolated; combined with the previous 49% drop in DAT company's trading volume, it clearly indicates a systemic cooling of speculative demand for Bitcoin in traditional financial markets (TradFi).
Since reaching a historic high in mid-last year, the market has entered a pattern of "strong supply, weak demand."
From August, October, to December last year, multiple reports consistently pointed out weak ETF capital inflows, sluggish spot demand, and cooling speculative enthusiasm in the futures market.
The current 78% decline is a quantitative confirmation of nearly a year-long slowdown in traditional capital inflows, marking the end of an institution-led speculative cycle dominated by ETFs.
The conclusion that "speculative demand for BTC in traditional markets has greatly diminished" is strictly limited to "two types of exposure channels in traditional financial markets."
This suggests that although speculative hot money in traditional channels has retreated, the demand structure from other dimensions—such as on-chain native capital, long-term holders, or emerging markets—may be quietly shifting.
Power is shifting from TradFi speculators chasing volatility to the core holders of the next cycle.
On June 11, Glassnode stated that the 30-day moving average trading volume of the US spot Bitcoin ETF has fallen from $4.4 billion per day in October 2025 to the current $960 million per day, a decline of 78%.
Combined with the previous 49% decrease in DAT company's trading volume, the two exposure channels of Bitcoin in traditional financial markets are signaling the same message: speculative demand for BTC in traditional markets has greatly diminished. $BNB