The digital asset rally since early April has marked a significant shift in trading activity patterns, with Asian trading hours increasing their global market share for Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) spot trading volumes while the U.S. experiences a steady decline.
Key Market Shifts in Cryptocurrency Trading
According to data tracked by institutional crypto prime brokerage FalconX:
- The U.S. trading window's share of spot volume for these three major tokens has fallen below 45% on a 30-day simple moving average basis
- This represents a notable drop from over 55% in early 2025
- Asian trading hours now account for nearly 30% of global trading activity
- European markets comprise the remainder
What's Driving This Geographic Rebalancing?
FalconX suggests the U.S. slowdown reflects changing investor portfolio allocations influencing price movements:
"This may indicate flows from non-U.S. investment portfolios or suggest U.S. investors are focusing more on markets beyond spot crypto," noted David Lawant, FalconX's head of research.
Despite this geographic shift, cryptocurrency prices have shown remarkable strength:
- Bitcoin surged 40% from April lows below $75,000 to $105,000
- Ethereum jumped 87% in the same period
- Solana gained 68%
👉 Discover how Asian markets are reshaping crypto trading dynamics
The Paradox of Low Volume BTC Rally
While Bitcoin's price reaches new highs, global spot trading activity hasn't recovered to early-year levels:
- Daily BTC spot trading volume exceeded $15 billion post-election (30-day rolling average)
- Currently maintains below $10 billion
Traditionally, low-volume rallies signal bear traps, but current market dynamics differ due to ETF adoption:
- U.S. spot Bitcoin ETF trading volume grew from 25% to 45% of global BTC spot market activity
- Net inflows reached $44 billion since January 2024 launch
- BlackRock's IBIT attracted $6.35 billion in May alone
"ETF flows may remain the primary demand driver in this rally," Lawant observed.
Frequently Asked Questions
Why is Asia's crypto trading share increasing?
Asian markets are seeing growing institutional participation and favorable regulatory developments that encourage trading activity during their time zones.
Are U.S. investors losing interest in crypto?
No, but their focus has diversified beyond spot markets into derivatives, ETFs, and other crypto-adjacent investment products.
How significant is the ETF impact on Bitcoin's price?
Extremely significant - ETFs now account for nearly half of all Bitcoin trading volume and represent the primary institutional on-ramp.
What does low trading volume indicate for market health?
While typically concerning, the unique circumstances of ETF-driven demand suggest this may represent maturation rather than weakness.
Will this geographic rebalancing continue?
Market analysts expect the trend to persist as global crypto adoption expands beyond traditional Western strongholds.