U.S. spot Bitcoin exchange-traded funds are closing in on $2 trillion in cumulative trading volume less than two and a half years after their debut in January 2024.

Spot Bitcoin ETF cumulative trading volume grew swiftly after launch, reaching the $100 billion mark by March 2024 and $200 billion the following month as bitcoin climbed to what was then an all-time high of nearly $74,000.

Following pro-crypto Donald Trump's U.S. presidential election victory in November 2024, bitcoin reached new all-time highs again, with the spot Bitcoin ETFs surpassing the $500 billion cumulative volume milestone soon after. It took a few more months for the funds to reach the $750 billion mark in February 2025, before hitting the $1 trillion mark almost exactly a year ago.

The Bitcoin ETFs' cumulative trading volume now sits at $1.99 trillion as of June 11, according to The Block's data dashboard, though bitcoin is now trading in a markedly different environment amid the broader crypto bear market. At the current rate of around $2 billion to $5 billion in daily trading volume registered over the past week, the $2 trillion milestone could be surpassed as early as Friday.

While the metric is inherently one-way, it still represents a substantial milestone for the bitcoin funds, placing the cohort among some of the largest and most actively traded ETF products in the world, including the Vanguard S&P 500 ETF (VOO) and the Invesco QQQ Trust (QQQ) Nasdaq-100 Index.

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In contrast, the U.S. spot Ethereum ETFs, launched in July 2024, have generated a cumulative trading volume of $466.3 billion so far. The newer Solana ETFs have generated $10.5 billion, the XRP ETFs $4 billion, and the most recent Hyperliquid ETFs $838.6 million.

BlackRock's IBIT dominates market share by volume and AUM

BlackRock's IBIT continues to dominate the spot Bitcoin ETF market by trading volume. IBIT has grown from around a 22% market share at launch, with Grayscale's converted GBTC fund initially carrying an advantage over the newly launched products, to 73.7% as of June 11, per The Block's data dashboard.

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The spot Bitcoin ETFs now account for more than $76 billion in assets under management, according to The Block’s Bitcoin ETF Tracker Page, again led by BlackRock’s IBIT with around $49 billion in AUM.

Last year, IBIT became the fastest ETF to reach $70 billion in AUM, according to Bloomberg Senior ETF Analyst Eric Balchunas. The fund accomplished the milestone in just 341 trading days — five times faster than the former record holder GLD, the SPDR Gold Shares gold-based ETF, which surpassed $70 billion in 1,691 days.

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Meanwhile, the combined spot Ethereum ETFs have attracted roughly $8.8 billion in AUM, per The Block's Ethereum ETF Tracker Page.

Bitcoin ETF outflows mount

In terms of flows, the spot Bitcoin ETFs have now added a cumulative $53.9 billion since launch, according to data compiled by The Block. BlackRock's IBIT has also dominated the flows, accounting for $62.2 billion of the net figure alone. While most of the other funds have also contributed significant net inflows, the total figure is offset by more than $26.8 billion in net outflows from Grayscale's converted and higher-fee product, GBTC.

However, amid the current bear market, the spot Bitcoin ETFs have seen $7.6 billion in net outflows since the cryptocurrency's all-time high of around $126,000 on Oct. 6, and $3 billion in net outflows year-to-date, including a recent $4.3 billion, 13-day negative streak — one of their longest outflow runs since launch.

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By comparison, the spot Ethereum ETFs have registered $11.2 billion in cumulative net inflows, again led by BlackRock's ETHA. However, they have also witnessed $1.1 billion in net outflows so far in 2026, including a 17-day, $900 million streak that ended on June 3.

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BTC price slide

Bitcoin (BTC) traded at around $63,750 on Friday, according to The Block's BTC price page, up 1% over the past 24 hours, but down 21% in the last month, 27% year-to-date, and around 50% since its all-time high near $126,000 in October.

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Speaking to The Block at BTC Prague on Thursday, Bitwise Head of Research Europe André Dragosch attributed the recent sell-off primarily to roughly $2 billion in weekly exchange-traded product net outflows, equivalent to about 50,000 BTC effectively sold into the market over a short period.

Meanwhile, BlackRock filed a Form 8-A for its new iShares Bitcoin Premium Income ETF on Thursday. The fund aims to combine spot bitcoin exposure with yield generation by actively selling call options on IBIT shares and bitcoin ETP indices, with Bloomberg Analyst Eric Balchunas saying the filing signals an imminent launch.