On-chain analytics firm Glassnode released a report showing a sharp decline in traditional finance (TradFi) speculative interest in Bitcoin. The 30-day simple moving average daily trading volume of U.S. Bitcoin spot ETFs dropped from $4.4 billion in October 2025 to just $960 million currently, a collapse of 78%. Concurrently, trading volumes for stocks of companies holding Bitcoin as treasury assets (Digital Asset Treasury, or DAT) halved from a peak of $34.2 billion daily in December 2025 to $17.4 billion, marking a 49% decline in roughly six months.
ETF Trading Activity Falls Off a Cliff
The 30D-SMA of spot ETF volume peaked at $4.4B per day in late 2025, but has since fallen to less than a quarter of that level. Glassnode attributes the drop to fading institutional and retail enthusiasm, as Bitcoin's spot price corrected from highs. The metric suggests the flow of fiat capital into Bitcoin via regulated ETFs has nearly frozen.
DAT Stock Volumes Cut in Half
Stocks of companies like Strategy (formerly MicroStrategy) and others that hold large Bitcoin reserves saw their aggregate 30-day average daily volume shrink from $34.2B to $17.4B. Glassnode notes that speculative interest in DAT names is tightly correlated with Bitcoin's spot price — when BTC pulls back, leveraged exposure via equity proxies becomes less attractive, leading to a dramatic drop in trading activity.
The analyst firm points out that the simultaneous retreat in both ETF and DAT trading volumes signals a broad-based withdrawal of TradFi risk appetite. While long-term holders on-chain continue to accumulate, short-term speculators are exiting rapidly, shifting market structure toward lower liquidity and reduced turnover.