BlackRock's iShares Bitcoin Trust (IBIT) now trades $16-18 billion daily, nearly matching Binance's spot volumes and more than doubling Coinbase's $6-8 billion daily activity, establishing regulated products as competitive alternatives to crypto-native platforms. As of today, BlackRock's IBIT manages about $52 billion in assets, and together with Fidelity's FBTC and Grayscale's GBTC, the top three U.S. Bitcoin ETFs control over $73 billion, representing about 81% of all Bitcoin ETF assets. The U.S. trading session now makes up about 47% of the global Bitcoin spot volume, up from 38% before the first ETFs started trading in 2024. Market depth increased from $12-15 million in 2021-2023 to $25-35 million in 2025, occasionally spiking above $40 million, indicating improved liquidity.