For most of the past three years, price discovery in digital assets drifted towards New York hours, pulled by the launch of US exchange-traded products and the deepening of dollar-denominated futures markets.
That gravitational pull has weakened. Turnover during Asian hours has risen steadily since the spring, with regulated venues in Singapore, Hong Kong and Tokyo accounting for a growing share of activity in the majors.
Local licensing has been the main driver. Brokers that once routed client orders offshore can now execute domestically, and treasury desks at regional corporates have begun using onshore venues for hedging.
Market makers say the change is visible in the shape of the book. Spreads during the Tokyo open have tightened, and the overnight gap that traders once budgeted for has largely disappeared on the largest pairs.
The shift is not uniform. Smaller tokens still trade predominantly offshore, where listing standards are looser and leverage is more readily available.
