Asian trading hours now accounting for nearly 30% of the global spot trading volume in Bitcoin (BTC), Ether (ETH), and Solana (SOL).
In contrast, the United States' share has declined to below 45%, marking a notable decrease from over 55% at the beginning of 2025. This data, tracked by institutional crypto prime brokerage firm FalconX, indicates a substantial change in market dynamics.
The decline in the U.S. share coincides with a period of increased volatility and regulatory scrutiny in the country. Despite Bitcoin's price surging by 40% since early April, reaching approximately $105,000, global spot trading activity remains below early-year levels. This suggests that the recent price increase may not be accompanied by a proportional rise in trading volume, raising questions about the sustainability of the current market rally.
Asian trading hours have seen a significant increase in market share, now accounting for nearly 30% of global spot trading volumes in major cryptocurrencies. This shift reflects a broader trend of growing crypto adoption and trading activity in Asia. Countries like Japan, South Korea, and Singapore have been at the forefront of this development, with regulatory frameworks that support cryptocurrency trading and innovation. For instance, Japan has established itself as a hub for cryptocurrency exchanges, with over 30 licensed exchanges processing substantial monthly trading volumes.
The increased activity during Asian trading hours indicates a shift in the global trading cycle, with more significant trading volumes occurring outside traditional U.S. market hours. This change may influence how market participants strategize and time their trades, potentially leading to increased volatility during Asian trading sessions.
U.S. Trading Hours Experience Decline
In contrast to Asia's growth, U.S. trading hours have experienced a decline in market share. The U.S. share of the spot trading volume in Bitcoin, Ether, and Solana has fallen below 45% on a 30-day simple moving average basis. This decline is the lowest since the pro-crypto sentiment following Donald Trump's victory in the November 2024 presidential election.
Several factors contribute to this decline. Increased regulatory scrutiny and uncertainty surrounding cryptocurrency regulations in the U.S. have led some investors to seek more favorable trading environments abroad. Additionally, the rise of alternative investment vehicles, such as Bitcoin spot exchange-traded funds (ETFs), has provided investors with different avenues to gain exposure to cryptocurrencies, potentially reducing the emphasis on traditional spot trading markets.
One of the significant developments in the U.S. cryptocurrency market is the rise of spot Bitcoin ETFs. The cumulative volume in the 11 U.S.-listed spot Bitcoin ETFs has surged from approximately 25% to 45% of the global spot BTC market volume in under two months. These ETFs have amassed $44 billion in net inflows since their inception in January 2024, according to data from Farside Investors. BlackRock's iShares Bitcoin Trust (IBIT) stands out as the largest, attracting $6.35 billion in May 2025 alone, the most since January 2025.
The popularity of these ETFs indicates a shift in investor preferences, with more participants opting for regulated investment vehicles over direct spot trading. This trend may contribute to the decline in traditional spot trading volumes during U.S. market hours.
Global Trading Volume Trends
Despite the surge in Bitcoin's price, global spot trading volumes have not returned to early-year levels. According to FalconX, daily volume in BTC spot markets, which averaged over $15 billion on a 30-day rolling basis after the November 2024 election, declined during the April sell-off and has since held below $10 billion.
This low-volume rally raises concerns among market participants, as such conditions are often viewed as a bear trap. However, the significant inflows into Bitcoin ETFs suggest that institutional demand may be driving the current price increase, potentially indicating a more sustainable rally.
The shift in trading volume from U.S. markets to Asian trading hours marks a significant change in the global cryptocurrency trading landscape. While Bitcoin's price has experienced substantial gains, the accompanying decline in spot trading volumes and the rise of alternative investment vehicles like Bitcoin ETFs suggest a transformation in how investors engage with the market. As Asia continues to gain market share, it will be crucial for market participants to adapt to these changes and consider the implications for trading strategies and market dynamics.