US-based Bitcoin ETFs have emerged as the primary source of Bitcoin spot trading volume, according to CryptoQuant's head of research, Julio Moreno. On active trading days, these ETFs generate between $5 billion and $10 billion in daily volume, often surpassing most cryptocurrency exchanges, highlighting increased institutional interest. Despite the rise of ETFs, Binance remains the dominant platform for both Bitcoin and Ethereum trading. Binance's Bitcoin trading volume peaked at $18 billion, while Ethereum trading ranged from $8.8 billion to $11.1 billion, outpacing ETFs and other exchanges. On significant trading days, Binance's Ethereum volume exceeded ETF trading by up to 96%. The data indicates that while Bitcoin sees strong institutional adoption through ETFs, Ethereum trading is still primarily concentrated on traditional crypto exchanges, with Binance leading the market.