The rebound in digital assets since the beginning of April has been marked by a significant change in the activity, with Asian negotiation hours gaining market share in Bitcoin Global
Ether and Solana Spot Commerce volumes, while the United States constantly loses land.
The participation of the US negotiation hours in the spot volume in the three main tokens has fallen below 45% in a simple mobile average base of 30 days, after having reached its maximum point in a historical maximum of more than 55% at the beginning of 2025, according to data tracked by the Crypto Institutional Primo Crypt Falconx Crypto firm Falconx. The last reading is the lowest since the Pro-Crypto Victoria Donald Trump in the November presidential elections.
Meanwhile, Asian negotiation hours now represent almost 30% of global activity, and Europe represents the rest.
The slowest activity during the US. It represents a change in the mixture of investors that drives the price action, according to Falconx.
“You can point a greater influence of non -American portfolio flows or suggest that US investors are focusing more on the markets beyond cryptography,” said Falconx’s head of research, David Lawant, in a note shared with Coindesk.
Bitcoin, the leading cryptocurrency for market value, has increased 40% to $ 105,000 since it reached minimums below $ 75,000 in early April, according to Coindesk data. Ether and Solana have increased 87% and 68%, respectively, during the same period.
Low volume BTC rally
Although Bitcoin’s price has increased to new maximums, global commercial activity has not yet recovered at the levels observed earlier this year.
According to Falconx, the daily volume in BTC Spot Markets, which averaged more than $ 15 billion at a base of 30 days after the November elections, decreased during the sale of April and has since kept below $ 10 billion.
A low volume rally is often seen as a trap for bears. However, that is not necessarily the case this time, since ETFs have recently gained popularity as investment vehicles.
According to Falconx, the cumulative volume in the 11 ETF of Bitcoin Spot in the American list has increased from approximately 25% of the BTC global market volume to a 45% record in less than two months.
The peak in the Volume of ETF comes mainly from directional bets in bold instead of non -directional arbitration bets such as cash and transport transport, which implies a long position in the ETF and a simultaneous short position in future CME BTC.
The 11 ETF Spot have accumulated $ 44 billion in net tickets since the beginning in January 2024, according to the investors of the Farside data source. The Blackrock Ibit, the largest of all, attracted $ 6.35 billion in May, the largest amount since January 2025, indicating a growing institutional demand of BTC amid commercial tensions and nerves of the bond market.
“All this points to space for growth and suggests that ETF is likely to remain an important force behind demand in this demonstration,” Lawant said.
