Asia Gains Ground in Crypto Trading as U.S. Market Share Falls Below 45%
The global crypto market is undergoing a shift in momentum as Asian trading hours increasingly account for a larger share of activity in Bitcoin (BTC), Ether (ETH), and Solana (SOL) spot markets—while U.S. market dominance continues to fade.
Since early April, the rebound across digital assets has coincided with a notable redistribution of trading activity. According to institutional crypto brokerage FalconX, the U.S. share of global spot volume in BTC, ETH, and SOL has slipped below 45%, based on a 30-day simple moving average. That’s a sharp decline from over 55% at the beginning of 2025—an all-time high—and marks the lowest level since Donald Trump’s pro-crypto victory in last November’s presidential election.
In contrast, Asia’s share of the action has risen to nearly 30%, with European trading hours making up the remainder.
The decline in U.S. trading share reflects a change in the investor mix, suggesting a shift in who is driving price movements.
“This may signal stronger portfolio flows from non-U.S. regions or a pivot by U.S. investors toward other parts of the market beyond spot crypto,” said David Lawant, Head of Research at FalconX, in a note shared with CoinDesk.
Despite the shifting global dynamics, crypto prices have soared. Bitcoin has jumped 40% since bottoming below $75,000 in early April, now trading around $105,000. Ether has rallied 87%, while Solana has climbed 68% in the same period, according to CoinDesk data.
Low-Volume Rally – But This Time May Be Different
Notably, the price surge hasn’t been matched by a return to high trading volumes. FalconX reports that daily BTC spot volume—which averaged over $15 billion following November’s election—dropped during April’s sell-off and has remained below $10 billion.
While low-volume rallies are often viewed as unsustainable or a potential bear trap, this one appears to be different. The key driver: a sharp rise in spot Bitcoin ETF trading.
In just under two months, U.S.-listed spot bitcoin ETFs have seen their share of the global BTC spot market grow from 25% to a record 45%, signaling a major shift in investor behavior. According to FalconX, these flows are largely directional bets—as opposed to neutral strategies like arbitrage involving long ETF positions and short CME futures.
Since their launch in January 2024, the 11 approved spot bitcoin ETFs have accumulated $44 billion in net inflows, per data from Farside Investors. BlackRock’s IBIT alone brought in $6.35 billion in May, the highest monthly intake since January 2025—highlighting growing institutional appetite for Bitcoin amid persistent geopolitical tensions and bond market uncertainty.
“All signs point to continued ETF-led demand,” Lawant said. “There’s room for further growth, and ETFs are likely to remain a driving force in this cycle.”
