American Dominance in Crypto Trading Wanes as Asia Closes the Gap in Bitcoin, Ether, and Solana Volumes

Global Shift: Asia Rises in Crypto Trading as U.S. Market Share Slides

As crypto markets rebound sharply from April lows, a quiet but telling shift is unfolding beneath the surface: Asia is rapidly closing the gap in global trading activity, while the U.S. share of spot volume in major tokens like Bitcoin, Ether, and Solana has slipped below 45%.

New data from institutional brokerage FalconX shows that U.S. trading hours, once dominating over 55% of global spot volume at the start of 2025, have steadily declined. The drop marks the lowest U.S. share since Donald Trump’s pro-crypto win in the 2024 presidential election.

In contrast, Asian market participants now account for nearly 30% of global spot trading, signaling a more balanced, round-the-clock market as crypto adoption broadens across regions. Europe fills out the remaining share, maintaining a stable foothold.

“This transition suggests the rise of new capital flows from Asia and possibly a shift in U.S. investor focus away from spot assets,” said David Lawant, Head of Research at FalconX.

The pullback in U.S. spot dominance hasn’t slowed crypto’s surge. Bitcoin has rebounded 40%, Ether is up 87%, and Solana has gained 68% since early April, reclaiming momentum despite thinner volumes.

Volume Light, ETFs Heavy

Interestingly, this rally has occurred without a full recovery in trading volume. Daily spot BTC volume—which surpassed $15 billion late last year—remains under $10 billion, reflecting more selective participation or capital rotation.

But that doesn’t mean demand is missing. Instead, it’s shifting toward exchange-traded funds (ETFs).

In just weeks, the share of BTC trading via U.S.-listed spot ETFs has surged from 25% to 45%, indicating these vehicles are becoming central to investor strategy. FalconX notes that the volume is being driven primarily by directional exposure, not arbitrage—hinting at growing conviction behind the flows.

Since launching in January 2024, the 11 approved spot bitcoin ETFs have attracted $44 billion in inflows, with BlackRock’s IBIT pulling in over $6.3 billion in May alone—its strongest month since January.

“These inflows underscore that ETFs aren’t just a complement to the market—they’re becoming a core driver of this cycle,” Lawant added.

In a time of global realignment—both politically and economically—crypto markets are reflecting a similar rebalancing. The next chapter may well be written during Asian trading hours.

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