On 19 October 2021, the first bitcoin ETF started trading in the US. Five years on, we look at what really changed: the price, the total market value, who owns bitcoin and how much the price swings. The data show that the bigger shift came only in 2024 with spot ETFs, and that bitcoin remains a risky asset.

One year after the broad correction of October 2025, liquidity in the crypto market is concentrated mainly in the order books of Bitcoin and Ethereum. Although total spot trading volumes remain below last year’s levels, market depth in the two largest assets has reached higher levels than before the decline at that time. However, this development is not broad-based, as market makers are concentrating capital primarily in the main crypto assets, while smaller projects continue to face reduced liquidity.