Crypto Trading Landscape Shifts: U.S. Now Accounts for Less Than 45% of BTC, ETH, and SOL Activity as Asia Rises

Asia Gains Ground in Crypto Markets as U.S. Trading Share Falls Below 45%

Trading activity in the crypto markets is undergoing a notable regional shift, with Asian hours capturing a larger slice of the pie while the U.S. share of spot volume in Bitcoin, Ether, and Solana dips below 45%, according to new data from FalconX.

The shift marks a reversal from earlier this year, when U.S. hours dominated over 55% of global trading activity following the 2024 presidential election. The latest reading is the lowest since that post-election surge.

Asian markets now account for close to 30% of spot trading in these major tokens, a signal of rising investor engagement across the region. European trading makes up the remainder, maintaining a relatively steady presence.

“This evolution in market structure suggests non-U.S. capital flows are playing a bigger role, or that U.S. investors are reallocating toward other crypto products,” said David Lawant, Head of Research at FalconX.

Prices Climb, But Spot Volume Still Lags

Despite the regional shift, crypto prices have soared. Bitcoin has rallied 40% from early April lows, while Ether has jumped 87% and Solana has gained 68%. However, the spot market hasn’t fully kept up.

FalconX data shows that average daily BTC spot volume remains under $10 billion, down from over $15 billion earlier this year. Some see this as a potential warning sign, but ETF demand is filling much of the gap.

ETFs Step Into the Spotlight

U.S.-listed spot Bitcoin ETFs now account for 45% of global BTC spot trading, up from 25% just two months ago. These flows are largely directional, not driven by arbitrage strategies, and are reflecting strong conviction among institutional buyers.

The 11 approved ETFs have taken in $44 billion in net inflows since January 2024. BlackRock’s IBIT led May with $6.35 billion, its best month since launch, amid heightened geopolitical tensions and uncertainty in bond markets.

“ETFs have become a primary vehicle for crypto exposure,” Lawant noted. “With macro risks still looming, we expect this demand to remain strong.”

As the balance of crypto trading shifts globally, analysts will be watching to see whether the momentum continues to move east—or circles back.