• Bitcoin (BTC) supply dominance in the US is faltering as it moves to Asia en masse, according to crypto analytics firm Glassnode.
• The firm reports that the extreme dominance of US entities in 2020-21 has reversed, with US supply dominance falling by 11% since mid-2022.
• European markets have been fairly neutral while a significant increase in supply dominance is visible across Asian trading hours.
US Bitcoin Supply Dominance Falters
Crypto analytics platform Glassnode says that the regional distribution of Bitcoin (BTC) is seeing notable transformation amid changing investor behaviors. The firm reports that the extreme dominance of US entities in 2020-21 has reversed, with US supply dominance falling by 11% since mid-2022.
Bitcoin Moves To Asia
Glassnode also states that Bitcoin supply in the US region is down by 11%, while those in the European Union (EU) region and Asian region are up by 1.1% and 9.9%, respectively. This shift appears to be caused by an increased investment from Asian traders viewing BTC as a potential asset for investment or speculation.
Binance Experiences Outflows
The firm also reports that leading crypto exchange Binance, which was recently hit with 13 charges in the US, is seeing large outflows in BTC totaling -14k BTC – one of its largest net outflows on record.
Price Action Follows Regional Changes
The changes seen in regional distributions are likely impacting price action as well; however further research needs to be conducted before any definitive conclusions can be drawn concerning this relationship between regional distributions and price action can be made.
Conclusion
Overall, this data from Glassnode indicates a notable shift away from traditional investors found within the United States towards those found throughout Asia who are more comfortable investing in digital assets such as bitcoin. It will be interesting to see how these changes may affect bitcoin’s price over time if at all.