Bitcoin market sentiment shifts as Asia turns from internet patrons to internet sellers

Definition

This metric exhibits the 30-day change within the regional worth set throughout Asia, US, and EU working hours, i.e., between 8 am and eight pm.

Fast Take

• A thesis I’ve lined for a considerable period of time is that Asia is the smart money of the Bitcoin ecosystem, however 2023 has put that thesis into query.
• Asia bought Bitcoin for a few years when costs have been suppressed, notably in Might 2021 (China Ban) and Might 2022 (Luna collapse).
• Asia additionally offloaded Bitcoin in the course of the peak of the 2021 bull run (January and November), whereas the West was a internet purchaser.
• Bitcoin is of nice worth in 2023 as a purchaser; by way of market and realized cap drawdown.
• Asia has been a internet vendor in 2023; subsequently, I consider the thesis is in query.

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