U.S. Share of Bitcoin, Ether and Solana Trading Volume Falls Below 45% as Asia Catches Up
A significant shift in global cryptocurrency trading activity has accompanied the recent rebound in digital assets. Asian trading hours have gained market share in Bitcoin (BTC), Ether (ETH), and Solana (SOL) spot trading volumes, while the U.S. share has declined. Data from FalconX, an institutional crypto prime brokerage firm, shows the U.S. share of spot volume in these three major tokens has fallen below 45% on a 30-day moving average, its lowest point since the November presidential election. This contrasts with a peak of over 55% at the beginning of 2025. Conversely, Asian trading hours now account for nearly 30% of global activity, with Europe making up the remainder.
This change in trading activity patterns, according to FalconX, reflects a shift in the investor base driving price movements. It suggests a growing influence from non-U.S. portfolio flows or a redirection of U.S. investor focus towards markets beyond spot crypto. Despite Bitcoin’s 40% price surge to $105,000 since April lows, global spot trading volume remains below levels seen earlier this year, averaging under $10 billion daily. This low-volume rally, often interpreted as a “bear trap,” may be different this time.
The rise of Bitcoin ETFs has significantly altered the market dynamics. The cumulative volume in the 11 U.S.-listed spot bitcoin ETFs has increased from roughly 25% to a record 45% of global spot BTC market volume in less than two months. This surge is primarily driven by directional bets rather than arbitrage strategies. These ETFs have attracted $44 billion in net inflows since their January 2024 launch, with BlackRock’s IBIT leading the way with $6.35 billion in May alone. This substantial institutional demand is fueled by escalating trade tensions and concerns within the bond market. The continued growth and influence of ETFs suggest they will remain a major driver of demand in the current rally.
