According to CryptoQuant CEO Ki Young Ju, Bitcoin spot ETFs currently account for 25% of total spot trading volume. 📈 The source of funds in this cycle is different and the new funds are more mature. It is expected that more mature funds will enter the market in the future. 💰 The market is maturing but not fully mature, there is still a lot of institutional capital waiting to enter the market. 🏦 The existence of ETFs is crucial to absorb gold ETF trading volume.