Since the crypto market began rebounding in April, the regional distribution of trading volume has shifted significantly. According to data from FalconX, the share of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) spot trading volume during U.S. trading hours has dropped below 45%, down from over 55% at the start of 2025—marking the lowest level since Donald Trump's election victory.
Meanwhile, Asian trading hours have surged, now accounting for 30% of global volume, while Europe holds the remaining share. Experts suggest this trend may reflect either a shift in U.S. investor behavior toward alternative markets or growing influence from Asian participants. Despite a decline in spot volume, prices have soared: BTC is up 40% to $105,000, ETH by 87%, and SOL by 68% since early April.
FalconX also noted that U.S.-based spot Bitcoin ETFs have hit a record 45% share of trading volume, up from 25%, with $44 billion in net inflows since January 2024. Research Head David Lawant emphasized that ETFs continue to be the primary driver of demand in the current rally.
