U.S. spot Bitcoin ETFs near $2 trillion trading milestone as outflows mount

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U.S. Bitcoin ETFs $2T milestone

Highlights

U.S. spot Bitcoin ETFs reached $1.99 trillion in cumulative trading volume as of June 11, nearing the $2 trillion milestone with $2–5 billion daily turnover.
BlackRock's IBIT now commands 73.7% market share by trading volume and holds about $49 billion of the $76 billion assets under management in U.S. spot Bitcoin ETFs.
Despite $53.9 billion in cumulative net inflows since launch, U.S. spot Bitcoin ETFs have seen $7.6 billion net outflows since October 6 and $3 billion year-to-date amid a crypto market slump.

Trading growth and market concentration

According to The Block data dashboard, cumulative trading volume for U.S. spot Bitcoin ETFs stands at $1.99 trillion as of June 11, putting the group on track to cross $2 trillion as early as Friday if recent daily turnover of about $2 billion to $5 billion continues.

The products reached $100 billion in cumulative volume by March 2024 and $200 billion the following month, when bitcoin climbed to what was then a record near $74,000. After Donald Trump's U.S. presidential election victory in November 2024, bitcoin set fresh highs again and the funds soon moved past $500 billion in cumulative volume. They later reached $750 billion in February 2025 and hit $1 trillion almost exactly a year ago.

The one-way volume measure still marks a notable scale milestone for the category, placing spot Bitcoin ETFs alongside some of the world's largest and most heavily traded ETF products, including Vanguard's S&P 500 ETF, VOO, and Invesco QQQ Trust, QQQ, tied to the Nasdaq-100 Index.

BlackRock's IBIT continues to dominate the segment by trading activity. Its market share by volume has expanded from about 22% at launch, when Grayscale's converted GBTC initially held an advantage, to 73.7% as of June 11. U.S. spot Bitcoin ETFs now hold more than $76 billion in assets under management, with IBIT accounting for about $49 billion.

Flows weaken as crypto slump persists

Flow data shows U.S. spot Bitcoin ETFs have attracted $53.9 billion cumulatively since launch, although that net figure masks a recent reversal in investor demand. IBIT alone accounts for $62.2 billion of the cumulative net inflow total.

Amid the current bear market, however, the funds have recorded $7.6 billion in net outflows since bitcoin's all-time high of about $126,000 on October 6. They have also posted $3 billion in net outflows year to date.

Other U.S. crypto ETF categories remain well behind Bitcoin funds in trading activity. Spot Ethereum ETFs, which launched in July 2024, have generated $466.3 billion in cumulative volume so far, while Solana ETFs have reached $10.5 billion, XRP ETFs $4 billion, and Hyperliquid ETFs $838.6 million.

Our earlier coverage of leveraged ETFs tied to SpaceX explained that exchanges pushed their launch to the first trading day after SpaceX’s IPO, citing SEC concerns about potential trading complications during the debut. We noted that issuers expect strong early demand and a race for billions in assets, making the first weeks of trading critical for which products gain traction.

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