According to Bloomberg, the United States is regaining its leadership in the global cryptocurrency market. From record-breaking Bitcoin ETFs to more relaxed regulators, the U.S. dollar lost its position as the currency most traded with crypto assets to the South Korean won in the first quarter of this year, but has returned strongly in early May, accounting for more than 50% of global trading volume. This is in stark contrast to last year, when trading volume shifted to Asia due to a series of enforcement actions by U.S. regulators. On the legislative front, the possibility of the 21st Century Financial Innovation and Technology Act becoming law in 2025 is increasing. This year, the share of Bitcoin trading volume in the hour before the close of the U.S. market has increased from 4.9% during the 2021 cryptocurrency bull run to 7.2%, which may be due to the fact that Bitcoin ETFs calculate their net asset value at that time, promoting arbitrage and price discovery. Recently, Hong Kong also launched its own spot crypto ETF, tracking Bitcoin and Ethereum, the second largest token.