U.S. Crypto Exchanges Double Spot Volume Share to 15%

U.S. cryptocurrency exchanges have nearly doubled their share of global spot trading volume over the past year, rising from 8 percent to 15 percent, according to data from Kaiko Research. This shift, observed as of early 2025, positions the United States as an increasingly central hub for digital asset liquidity, fueled by regulatory advancements and institutional demand.

The growth reflects traders' preference for platforms offering deeper liquidity, where large orders can be executed with minimal price impact. While offshore exchanges continue to dominate overall volumes, U.S. venues such as Coinbase and Kraken have seen faster improvements in market depth, particularly for Bitcoin pairs. This onshoring of activity stems from the January 2024 approval of spot Bitcoin exchange-traded funds (ETFs) by U.S. regulators, which provided institutions with a compliant pathway to gain exposure to Bitcoin. Since then, these ETFs have recorded consistent inflows, including $199.4 million on March 17 alone, absorbing selling pressure amid lingering market volatility.

Onchain data further underscores this trend. According to CryptoQuant, Bitcoin exchange netflows showed an outflow of 3.1...