U.S.-based spot Bitcoin exchange-traded funds (ETFs) are headed toward a major milestone, as they close in on $2 trillion in cumulative trading volume in less than 2.5 years, since their debut back in January 2024.
U.S. spot Bitcoin ETFs to create history
The launch of the first U.S. spot Bitcoin ETFs was met with much fanfare, as investors piled into the novel financial product, helping it reach $100 billion in cumulative trading volume by March 2024.
In the next month, the cumulative trading volume had already hit $200 billion while the underlying asset, BTC, hovered near its then all-time high value of $74,000. At the time, spot BTC ETFs were also buoyed by the potential victory of the now U.S. President Donald Trump.
Favorable crypto regulations were a major cornerstone of Trump’s election campaign, which helped him win the November 2024 mandate. The positive trading momentum in spot BTC ETFs continued, resulting in the cumulative trading volume reaching $1 trillion in June 2025.
Now, exactly a year later, the $2 trillion milestone is very much in sight. According to data from SoSoValue, the cumulative trading volume as of Friday is sitting at $1.99 trillion. However, the macroeconomic conditions in June 2026 are quite different from prior years.
The following chart shows that U.S. spot Bitcoin ETFs are on a 5-week streak of net fund outflows. The week of May 8 was the last week when spot BTC ETFs saw net inflows, to the tune of $622.75 million.
Among the products, BlackRock’s IBIT dominates spot BTC ETF market, having a cumulative net inflow of more than $62 billion. As of Friday, the total value of assets tied to the product is slightly more than $49 billion.
Other spot BTC ETFs among the top 5 are Fidelity’s FBTC, Grayscale’s GBTC and BTC, and Bitwise BITB, holding net assets worth $11.42 billion, $9.06 billion, $3.39 billion, and $2.33 billion, respectively.
Weak momentum in other crypto ETFs
While spot Bitcoin ETFs are inching closer to the $2 trillion landmark, similar momentum is missing from altcoin-based ETFs such as spot ETH, SOL, and XRP ETFs. Launched in July 2024, spot ETH ETFs have only managed a cumulative trading volume of $466.3 billion to date.
Similarly, spot SOL ETFs have managed a cumulative trading volume of $10.5 billion, while XRP ETFs have recorded around $4 billion. On May 18, Goldman Sachs closed its entire position in both SOL and XRP ETFs amid a shift in market sentiment.
