Asian trading hours are now capturing a larger share of global crypto spot volume, with the U.S. market seeing a notable decline in activity despite surging digital asset prices.
U.S. Market Share Drops to Lowest Since Early 2025
The U.S. share of global spot trading volumes for Bitcoin (BTC), Ether (ETH), and Solana (SOL) has fallen below 45% on a 30-day moving average basis, according to data from FalconX. This is a significant drop from its peak of over 55% at the start of 2025, and the lowest point since pro-crypto President Donald Trump’s election victory in November 2024.
Meanwhile, Asian trading hours now account for nearly 30% of global activity, with the remainder attributed to Europe.
“It may point to increased influence from non-U.S. portfolio flows or suggest that U.S. investors are focusing more on markets beyond spot crypto,” said David Lawant, Head of Research at FalconX.
Price Surge Driven by ETFs, Not Traditional Spot Activity
Despite a 40% surge in Bitcoin’s price to over $105,000 since early April, global spot market volumes have not fully rebounded. BTC spot trading volumes, once averaging over $15 billion per day after the U.S. election, have remained under $10 billion even during the recent rally.
“This appears to be a low-volume rally,” FalconX noted — but added it may not indicate a bear trap. Instead, U.S.-listed spot Bitcoin ETFs have gained prominence and are now driving a record 45% of global BTC spot volume, up from 25% just two months ago.
ETF Growth Signals Institutional Demand Surge
The growth in ETF activity is not driven by arbitrage trades, but rather bold directional investments, indicating increasing institutional confidence in crypto.
Since the launch of the first U.S. spot Bitcoin ETFs in January 2024, the 11 funds have seen net inflows of $44 billion, with BlackRock’s IBIT ETF alone attracting $6.35 billion in May 2025 — the highest since January.
“All of this points to room for growth and suggests that ETFs are likely to remain a major force behind demand in this rally,” Lawant concluded.
Key Takeaways
- U.S. share of global spot BTC, ETH, and SOL trading has dropped below 45%.
- Asian markets now account for nearly 30% of global crypto spot volume.
- Bitcoin, Ether, and Solana prices have surged, but spot volumes remain subdued.
- U.S.-listed ETFs now account for 45% of global BTC spot volume, reflecting strong institutional interest.