Asian Trading Hours Gain 30% Share in Global Crypto Spot Volume

The recent rebound in digital assets since early April has been marked by a significant shift in trading activity, with Asian trading hours gaining market share in global bitcoin, ether, and solana spot trading volumes. Meanwhile, the U.S. has been steadily losing ground in this market. The U.S. trading hours' share of the spot volume in these three major tokens has dropped below 45% on a 30-day simple moving average basis, having peaked at an all-time high of over 55% at the beginning of 2025. This is the lowest reading since the pro-crypto Donald Trump's victory in the November presidential election.

Asian trading hours now account for nearly 30% of global activity, with Europe accounting for the remainder. This shift in activity represents a change in the investor mix driving the price action. It may point to increased influence from non-U.S. portfolio flows or suggest that U.S. investors are focusing more on markets beyond spot crypto.

Bitcoin, the leading cryptocurrency by market value, has surged 40% to $105,000 since hitting lows under $75,000 in early April. Ether and solana have surged 87% and 68%, respectively, during the same period. Although bitcoin's price has surged to new highs, global spot trading activity hasn't yet recovered to levels seen early this year. Daily volume in BTC spot markets, which averaged over $15 billion on a 30-day rolling basis after the November election, declined during the April sell-off and has since held below $10 billion.

A low-volume rally is often viewed as a bear trap. However, that's not necessarily the case this time, as ETFs have recently gained popularity as investment vehicles. The cumulative volume in the 11 U.S.-listed spot bitcoin ETFs has surged from approximately 25% of the global spot BTC market volume to a record 45% in under two months. The spike in ETF volume stems mainly from bold directional bets rather than non-directional arbitrage bets. The 11 spot ETFs have amassed $44 billion in net inflows since inception in January 2024, indicating growing institutional demand for BTC amid trade tensions and bond market jitters.

All of this points to room for growth and suggests that ETFs are likely to remain a major force behind demand in this rally. The shift in trading activity from the U.S. to Asia, coupled with the growing popularity of ETFs, indicates a changing landscape in the cryptocurrency market. As Asian trading hours gain market share, it suggests that non-U.S. investors are playing an increasingly significant role in driving price action. This trend could continue as more institutional investors enter the market and seek out new opportunities beyond traditional spot crypto trading.