According to recent data from FalconX, U.S.-listed Bitcoin ETFs now account for 45% of the global Bitcoin spot market volume. This surge has occurred alongside a significant rise in Bitcoin's price since early April 2025.
The increase in ETF volume is primarily fueled by directional bets, rather than arbitrage strategies. Since their launch in January 2024, the 11 spot ETFs have seen substantial net inflows. BlackRock's IBIT ETF, for example, attracted significant inflows in May 2025, indicating strong institutional demand.
Asian trading hours are now responsible for a considerable portion of global trading activity, while U.S. trading hours have experienced a relative decrease. This shift suggests a growing influence from non-U.S. portfolio flows. Despite the price rally, global spot trading activity has not fully recovered to levels seen earlier in the year, remaining below previous thresholds, as reported by FalconX. The rise of Bitcoin ETFs demonstrates increasing institutional adoption and evolving global trading dynamics within the cryptocurrency market.