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U.S. Share of Bitcoin, Ether and Solana Trading Volume Falls Below 45% as Asia Catches Up
What to know:
Asian trading hours have gained market share in global bitcoin, ether, and solana spot trading volumes, while U.S. trading hours have declined.
Bitcoin's price has surged 40% since early April, but global spot trading activity remains below early-year levels.
U.S.-listed spot bitcoin ETFs have seen a significant increase in volume, now accounting for 45% of the global spot BTC market volume.
The rebound in digital assets since early April has been marked by a significant shift in activity, with Asian trading hours gaining market share in global bitcoin
BTC
$106,636.18
, ether
ETH
$2,646.27
and solana
SOL
$162.31
spot trading volumes, while the U.S. steadily loses ground.
The U.S. trading hours' share of the spot volume in the 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, according to data tracked by institutional crypto prime brokerage firm FalconX. The latest reading is the lowest since pro-crypto Donald Trump's victory in the November presidential election.
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Meanwhile, Asian trading hours now account for nearly 30% of global activity, with Europe accounting for the remainder.
Slower activity during the U.S. represents a change in investor mix driving the price action, according to FalconX.
"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," FalconX's Head of Research David Lawant said in a note shared with CoinDesk.
BTC, ETH and SOL's spot exchange trading volume (30-day moving average). (FalconX Research)
BTC, ETH and SOL's spot exchange trading volume (30-day moving average). (FalconX Research)
Read More
Bitcoin, the leading cryptocurrency by market value, has surged 40% to $105,000 since hitting lows under $75,000 in early April, according to CoinDesk data. Ether and solana have surged 87% and 68%, respectively, during the same period.
Low-volume BTC rally
Although bitcoin's price has surged to new highs, global spot trading activity hasn't yet recovered to levels seen early this year.
According to FalconX, 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.
According to FalconX, 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 like the cash and carry trade, involving a long position in the ETF and a simultaneous short position in the CME BTC futures.
The 11 spot ETFs have amassed $44 billion in net inflows since inception in January 2024, according to data source Farside Investors. BlackRock's IBIT, the largest of them all, attracted $6.35 billion in May, the most since January 2025, 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," Lawant said.
Volume in U.S. ETFs as a share of BTC spot market volume. (FalconX Research)
Volume in U.S. ETFs as a share of BTC spot market volume. (FalconX Research)
Read More
Bitcoin
Ether
Solana
Markets
market analysis
Top Stories
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts
$BTC $SOL $ETH of bitcoin, ether, BitTorrent, tron and dot.
#MyCOSTrade #MarketRebound #MarketPullback #FTXRefunds #TrumpMediaBitcoinTreasury
Asian trading hours have gained market share in global bitcoin, ether, and solana spot trading volumes, while U.S. trading hours have declined.
Bitcoin's price has surged 40% since early April, but global spot trading activity remains below early-year levels.
U.S.-listed spot bitcoin ETFs have seen a significant increase in volume, now accounting for 45% of the global spot BTC market volume.
The rebound in digital assets since early April has been marked by a significant shift in activity, with Asian trading hours gaining market share in global bitcoin
BTC
$106,636.18
, ether
ETH
$2,646.27
and solana
SOL
$162.31
spot trading volumes, while the U.S. steadily loses ground.
The U.S. trading hours' share of the spot volume in the 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, according to data tracked by institutional crypto prime brokerage firm FalconX. The latest reading is the lowest since pro-crypto Donald Trump's victory in the November presidential election.
THE MINING POD: Cipher Mining’s AI Play w/ Tyler Page and Chris Totin
STORY CONTINUES BELOW
Don't miss another story.
Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Enter your Email
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.
Meanwhile, Asian trading hours now account for nearly 30% of global activity, with Europe accounting for the remainder.
Slower activity during the U.S. represents a change in investor mix driving the price action, according to FalconX.
"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," FalconX's Head of Research David Lawant said in a note shared with CoinDesk.
BTC, ETH and SOL's spot exchange trading volume (30-day moving average). (FalconX Research)
BTC, ETH and SOL's spot exchange trading volume (30-day moving average). (FalconX Research)
Read More
Bitcoin, the leading cryptocurrency by market value, has surged 40% to $105,000 since hitting lows under $75,000 in early April, according to CoinDesk data. Ether and solana have surged 87% and 68%, respectively, during the same period.
Low-volume BTC rally
Although bitcoin's price has surged to new highs, global spot trading activity hasn't yet recovered to levels seen early this year.
According to FalconX, 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.
According to FalconX, 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 like the cash and carry trade, involving a long position in the ETF and a simultaneous short position in the CME BTC futures.
The 11 spot ETFs have amassed $44 billion in net inflows since inception in January 2024, according to data source Farside Investors. BlackRock's IBIT, the largest of them all, attracted $6.35 billion in May, the most since January 2025, 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," Lawant said.
Volume in U.S. ETFs as a share of BTC spot market volume. (FalconX Research)
Volume in U.S. ETFs as a share of BTC spot market volume. (FalconX Research)
Read More
Bitcoin
Ether
Solana
Markets
market analysis
Top Stories
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts
$BTC $SOL $ETH of bitcoin, ether, BitTorrent, tron and dot.
#MyCOSTrade #MarketRebound #MarketPullback #FTXRefunds #TrumpMediaBitcoinTreasury
Crypto's Most Watched Whale Gets Fully Liquidated After Placing Billions in Risky Bets
What to know:
James Wynn, a trader known for his high-risk, high-reward moves on Hyperliquid, has been fully liquidated.
Wynn ended up with just $23 on his account. His downfall began with a $1.25 billion long on BTC that led to a $37 million loss after prices dropped.
James Wynn, the trader whose risky moves on Hyperliquid captivated crypto watchers this month, has been fully liquidated.
He ended a volatile month with just $23 left in his account, according to HyperDash data.
BITCOIN SEASON 2: JD Vance & Suitcoiners in Veg
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.
Wynn built his reputation and following by placing massive, leveraged on-chain trades across bitcoin
BTC
$103,891.80
, PEPE
PEPE
$0.0₄11391
, and other tokens.
His downfall began with a $1.25 billion long position on BTC that unraveled as prices dropped below $105,000 amid growing geopolitical uncertainty. That trade alone cost him more than $37 million after fees.
The trader briefly pivoted to memecoins like PEPE, where one long position initially gained over 10%, before market swings liquidated him again.
Over the course of the month, Wynn cycled through assets including ETH, SUI, TRUMP, and even FARTCOIN. His trades at one point saw him achieve an unrealized gain of $85 million.
An account associated with Wynn on X commented on the liquidation and dismissed the losses. “I’ll run it back, I always do. And I’ll enjoy doing it. I like playing the game,” the account wrote on X. “I took a large and calculated bet at making billions.”
Leveraged Trading
Top Stories
Francisco Rodrigues
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk's $1,000 discl
osure threshold$BTC #TrumpMediaBitcoinTreasury #BinanceAlphaAlert #BinanceHODLerSOPH #aicoins
#TrumpTariffs
Francisco Rodrigues
James Wynn, a trader known for his high-risk, high-reward moves on Hyperliquid, has been fully liquidated.
Wynn ended up with just $23 on his account. His downfall began with a $1.25 billion long on BTC that led to a $37 million loss after prices dropped.
James Wynn, the trader whose risky moves on Hyperliquid captivated crypto watchers this month, has been fully liquidated.
He ended a volatile month with just $23 left in his account, according to HyperDash data.
BITCOIN SEASON 2: JD Vance & Suitcoiners in Veg
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.
Wynn built his reputation and following by placing massive, leveraged on-chain trades across bitcoin
BTC
$103,891.80
, PEPE
PEPE
$0.0₄11391
, and other tokens.
His downfall began with a $1.25 billion long position on BTC that unraveled as prices dropped below $105,000 amid growing geopolitical uncertainty. That trade alone cost him more than $37 million after fees.
The trader briefly pivoted to memecoins like PEPE, where one long position initially gained over 10%, before market swings liquidated him again.
Over the course of the month, Wynn cycled through assets including ETH, SUI, TRUMP, and even FARTCOIN. His trades at one point saw him achieve an unrealized gain of $85 million.
An account associated with Wynn on X commented on the liquidation and dismissed the losses. “I’ll run it back, I always do. And I’ll enjoy doing it. I like playing the game,” the account wrote on X. “I took a large and calculated bet at making billions.”
Leveraged Trading
Top Stories
Francisco Rodrigues
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk's $1,000 discl
osure threshold$BTC #TrumpMediaBitcoinTreasury #BinanceAlphaAlert #BinanceHODLerSOPH #aicoins
#TrumpTariffs
Francisco Rodrigues
AI Crypto Livepeer Explodes 150% on Upbit Listing
What to know:
Livepeer's native token, LPT, surged 150% to a four-month high of $14.20 following its listing on the Korean exchange Upbit.
The token's advance defied a broader crypto market downturn, with bitcoin falling 2% and the CoinDesk 20 Index dropping 3.5%.
Grayscale's inclusion of Livepeer in its new Artificial Intelligence Crypto Sector and a community survey by Livepeer Foundation may have contributed to the token's momentum, one crypto analyst noted.
The native token of Livepeer
LPT
$12.59
, a decentralized artificial intelligence video processing protocol, soared on Friday to its strongest price in four months on exchange listing and other catalyst.
The token advanced 150% over the past 24 hours, hitting a session high at $14.20, CoinDesk data shows. The surge defied a slump in the broader crypto market, with bitcoin
BTC
$105,585.20
sliding 2% below $106,000 and the CoinDesk 20 Index declining 3.5% during the same period. Most artificial intelligence-linked tokens were down$BTC #TradingTypes101 #MarketPullback #BinanceAlphaAlert #Bitcoin2025 #TrumpMediaBitcoinTreasury 5%-10%.
Livepeer's native token, LPT, surged 150% to a four-month high of $14.20 following its listing on the Korean exchange Upbit.
The token's advance defied a broader crypto market downturn, with bitcoin falling 2% and the CoinDesk 20 Index dropping 3.5%.
Grayscale's inclusion of Livepeer in its new Artificial Intelligence Crypto Sector and a community survey by Livepeer Foundation may have contributed to the token's momentum, one crypto analyst noted.
The native token of Livepeer
LPT
$12.59
, a decentralized artificial intelligence video processing protocol, soared on Friday to its strongest price in four months on exchange listing and other catalyst.
The token advanced 150% over the past 24 hours, hitting a session high at $14.20, CoinDesk data shows. The surge defied a slump in the broader crypto market, with bitcoin
BTC
$105,585.20
sliding 2% below $106,000 and the CoinDesk 20 Index declining 3.5% during the same period. Most artificial intelligence-linked tokens were down$BTC #TradingTypes101 #MarketPullback #BinanceAlphaAlert #Bitcoin2025 #TrumpMediaBitcoinTreasury 5%-10%.
Black Rock
India x BLACKROCK: The Crypto Plot Twist We Didn’t See Coming❗
Hold tight, crypto fam — because the game just changed big time. Out of nowhere, BLACKROCK — yeah, the trillion-dollar titan — just dropped a crypto bombshell that sent shockwaves across the digital asset world. And guess who's center stage? XRP.
Meanwhile, Ripple’s CTO, David Schw$BTC $artz, broke his usual silence and hinted, “This is just the beginning.” Translation: Buckle up — the XRP saga is heating up.
Here’s what’s going down:
Institutions that once ghosted XRP? Now they’re sliding into its DMs.
India, once crypto-cold, is now sending serious signals it’s ready to flirt with digital finance.
BLACKROCK’s play? A wake-up call to the whales: XRP isn't just back — it’s leveling up.
This has all the drama of a Bollywood finale: regulators dancing toward innovation, fintech flames rekindling, and $XRP prepping for a starring role.
Is India about to make crypto cool again? It’s looking that way.
So, are you watching closely? You should be.
#XRPExplosion #IndiaGoesCrypto #BlackRockMoves #CryptoComeback #TradingTypes101
Hold tight, crypto fam — because the game just changed big time. Out of nowhere, BLACKROCK — yeah, the trillion-dollar titan — just dropped a crypto bombshell that sent shockwaves across the digital asset world. And guess who's center stage? XRP.
Meanwhile, Ripple’s CTO, David Schw$BTC $artz, broke his usual silence and hinted, “This is just the beginning.” Translation: Buckle up — the XRP saga is heating up.
Here’s what’s going down:
Institutions that once ghosted XRP? Now they’re sliding into its DMs.
India, once crypto-cold, is now sending serious signals it’s ready to flirt with digital finance.
BLACKROCK’s play? A wake-up call to the whales: XRP isn't just back — it’s leveling up.
This has all the drama of a Bollywood finale: regulators dancing toward innovation, fintech flames rekindling, and $XRP prepping for a starring role.
Is India about to make crypto cool again? It’s looking that way.
So, are you watching closely? You should be.
#XRPExplosion #IndiaGoesCrypto #BlackRockMoves #CryptoComeback #TradingTypes101
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