The trading market share of BTC, ETH, and SOL in America has fallen below 45% as Asia rises.

Since the beginning of April, the recovery of the digital asset market has been accompanied by a significant shift in trading activity, as Asian trading hours expand their market share in the spot trading volume of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), while America's market share continues to fall.

According to data monitored by the crypto brokerage firm FalconX, the market share of spot trading volume in these three major coins during America trading hours has fallen below 45% based on the 30-day moving average, after reaching a record high of over 55% at the beginning of 2025. The current low is the lowest number since President Donald Trump – who has a pro-crypto stance – was elected in November.

Meanwhile, the trading hours in Asia currently account for nearly 30% of total global trading activity, with the remainder belonging to Europe.

The fall in trading activity during American hours reflects a shift in the investor structure affecting price movements, according to FalconX's assessment.

David Lawant, Head of Research at FalconX, stated in a note sent to CoinDesk:

"This may indicate the increasing influence of capital flows from outside America or show that American investors are focusing more on markets outside of spot crypto trading."

The trading volume of BTC, ETH, and SOL (is the 30-day moving average) | Source: FalconX ResearchBitcoin, the leading digital currency by market capitalization, has increased by 40% to around 105,000 USD since hitting a low of under 75,000 USD in early April. Ether and Solana also recorded increases of 87% and 68%, respectively, during the same period.

Bitcoin price surge with low trading volume

Although the price of Bitcoin has reached a new high, global spot trading activity has not yet recovered to the levels seen earlier this year.

FalconX stated that the daily trading volume in the BTC spot market, averaged over a 30-day basis, had previously surpassed 15 billion USD after the November elections but has fallen below 10 billion USD during the sell-off in April and has remained at this low level since.

A price increase with low volume is often seen as a "bear trap" (bear trap). However, the situation this time may be different as ETF funds are becoming increasingly popular as an alternative investment channel.

According to FalconX, the total trading volume of 11 Bitcoin spot ETF funds listed in America has increased from about 25% of the global spot trading market share to a record level of 45% in less than two months.

The increase in ETF volume mainly comes from clearly directed betting trades, rather than undirected arbitrage trades such as the cash-and-carry strategy, which involves buying long-term ETFs and simultaneously shorting Bitcoin futures on CME.

Since its establishment in January 2024, these 11 ETFs have attracted a net inflow of 44 billion USD, with BlackRock's IBIT – the largest ETF – drawing in 6.35 billion USD in May, the highest level since January 2025. This reflects the increasing investment demand from large institutions amid trade tensions and instability in the bond market.

David Lawant commented:

"All these factors indicate that there is still a lot of room for growth, and ETFs are likely to continue being a key force driving demand in this bull market."

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