As Asia catches up, the share of Bitcoin, Ether and Solana trading volumes falls below 45%

Digital assets rebounds since early April are characterized by significant changes in activity, with Asian trading hours gaining market share in global Bitcoin

spot trading volumes of ether and solana, while the US steadily loses the ground.

The US trading time share of the three major token spot volumes peaked at a high of over 55% on a simple 30-day moving average base, peaking at an early 2025, exceeding 45%. His latest reading is the lowest since Donald Trump’s victory in the November presidential election.

Meanwhile, trading hours in Asia currently account for almost 30% of global activity, with Europe accounting for the rest.

According to Falconx, slower activity across the US represents a shift in the investor mix driving price action.

“It may suggest that it has increased influence from the flow of non-US portfolioes and that it suggests that US investors are focusing on the market beyond spot crypto,” the Falconx research director said in a note shared with Coindesk.

Bitcoin, the leading cryptocurrency by market value, has risen 40% to $105,000 since hitting its lowest price under $75,000 in early April, according to Coindesk data. Ether and Solana spiked 87% and 68% respectively over the same period.

Low capacity BTC rally

Bitcoin prices have skyrocketed to new highs, but global spot trading activity has not yet recovered to the level seen earlier this year.

According to Falconx, daily volumes of BTC spot markets, which averaged over $15 billion on a 30-day rolling basis after the November election, fell during the sale in April and have since fallen below $10 billion.

Bass gatherings are often considered bear traps. However, this is not necessarily the case this time, as ETFs have recently become popular as investment vehicles.

According to Falconx, the cumulative volume of spot Bitcoin ETFs registered in 11 US has skyrocketed from about 25% of the global spot BTC market volume to a record 45% in under two months.

The spikes in ETF volumes stem mainly from bold directional bets rather than non-directional arbitrary bets like cash or carry trade, and involve long positions in ETFs and simultaneous short positions in CME BTC futures.

Data Source According to Farside investors, 11-spot ETFs have accumulated a net inflow of $44 billion since its launch in January 2024. All of these, BlackRock’s IBIT, raised $6.35 billion in May. This is the most since January 2025, indicating a growing institutional demand for BTC amid trade tensions and bond market unrest.

“All of this shows room for growth and suggests that ETFs are likely to remain a huge force behind demand at this rally,” Lawant said.