{"id":531023,"date":"2023-05-10T18:00:43","date_gmt":"2023-05-10T18:00:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=531023"},"modified":"2024-06-11T14:36:16","modified_gmt":"2024-06-11T14:36:16","slug":"bitcoin-supply-american-holders-asian-glassnode-reveals","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-supply-american-holders-asian-glassnode-reveals\/","title":{"rendered":"Bitcoin Supply Is Moving From American Holders To Asian Wallets: Glassnode"},"content":{"rendered":"<p>Data from Glassnode reveals the Bitcoin supply has been observing a shift from wallets based in America to those in Asia recently.<\/p>\n<h2>Bitcoin Supplies Held By Asian And US Investors Have Gone Opposite Ways Recently<\/h2>\n<p>According to data from the on-chain analytics firm <a href=\"https:\/\/twitter.com\/glassnode\/status\/51216898\" target=\"_blank\" rel=\"noopener nofollow\">Glassnode<\/a>, an interesting dichotomy has formed between the different regional supplies of the cryptocurrency recently.<\/p>\n<p>Glassnode has divided the Bitcoin addresses into different regions based on the hours they have been making transactions in. &#8220;Geolocation of Bitcoin supply is performed probabilistically at the entity level,&#8221; notes Glassnode. An &#8220;entity&#8221; here refers to one or more wallets that are under the control of a single investor (or an investor group).<\/p>\n<p>&#8220;The timestamps of all transactions created by an entity are correlated with the working hours of different geographical regions to determine the probabilities for each entity being located in the US, Europe, or Asia,&#8221; explains the analytics firm.<\/p>\n<p>The three main regions are the US (13:00 to 01:00 UTC), Europe (07:00 to 19:00 UTC), and Asia (00:00 to 12:00 UTC). In the context of the current discussion, however, only the supplies based in the US and Asia are relevant.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-price-blasts-above-28000-following-4-9-april-cpi-report\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Blasts Above $28,000 Following 4.9% April CPI Report<\/a><\/div>\n<p>Here is a chart that shows the trend in the year-over-year supply change in these two regional Bitcoin supplies over the last few years:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/pbs.twimg.com\/media\/FvrwDubWYAAIsKH?format=jpg&amp;name=4096x4096\" alt=\"Bitcoin Supply From US to Asia\" width=\"4094\" height=\"2358\"><\/p>\n<pre style=\"text-align: center\">Looks like the values of the two metrics have been going exactly the opposite directions in recent months | Source: <a href=\"https:\/\/twitter.com\/glassnode\/status\/51216898\/photo\/1\" target=\"_blank\" rel=\"noopener nofollow\">Glassnode on Twitter<\/a><\/pre>\n<p>As displayed in the above graph, the Bitcoin supply held by the US investors was growing faster and faster in the leadup to and during the <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-bull-run-higher-time-frames-still-bullish-despite-correction\/\" target=\"_blank\" rel=\"noopener \">bull run<\/a> in the first half of 2021 as the year-over-year change was constantly going up.<\/p>\n<p>The change slowed down in the second half of the year, but still remained positive, suggesting that the supply was still growing, albeit at a slower pace. In 2022, however, the supply started decreasing, as the <a href=\"https:\/\/uniquehot.com\/news\/dogecoin-limps-in-a-bearish-market\/\" target=\"_blank\" rel=\"noopener \">bear market<\/a> took over and the LUNA and 3AC crashes took place.<\/p>\n<p>The year-over-year change of the US-based BTC supply has continued to grow more negative since then and today stands at a value of -7.5%, suggesting that the supply has shrunken by 7.5% since May 2022.<\/p>\n<p>The Asian Bitcoin supply, however, has displayed a very contrasting behavior, as it started going up just as the American investors started shedding their holdings.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-funding-rates-bitmex-deep-red-why-bullish\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Funding Rates On BitMEX Turn Deep Red, Here\u2019s Why This Is Bullish<\/a><\/div>\n<p>Interestingly, the pace at which the supply held by the Asian traders has transformed is almost exactly the same as what the balances of the US-based wallets saw (although, of course, the change has been in the opposite direction).<\/p>\n<p>Currently, the year-over-year change in the Asian supply stands at +6.9%. The fact that the Asian investors have bought a similar amount to what the US holders have sold suggests a direct transfer of coins between the two supplies.<\/p>\n<p>Now, as for why this continued transition of supply has taken place, the main reason is likely to be the fact that the US has been tightening up regulations related to the cryptocurrency sector recently.<\/p>\n<p>One of the most prominent examples of this has been the <a href=\"https:\/\/uniquehot.com\/news\/why-coinbase-ceo-believes-secs-crypto-warning-is-harmful-to-the-us\/\" target=\"_blank\" rel=\"noopener \">regulatory crackdown<\/a> that Coinbase has observed from the Securities and Exchange Commission (SEC) recently.<\/p>\n<h2>BTC Price<\/h2>\n<p>At the time of writing, Bitcoin is trading around $28,200, down 1% in the last week.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/u9A9yYVI\/\" alt=\"Bitcoin Price Chart\" width=\"1533\" height=\"911\"><\/p>\n<pre style=\"text-align: center\">BTC has surged in the past day | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/qFC1kfFd\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from iStock.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Data from Glassnode reveals the Bitcoin supply has been observing a shift from wallets based in America to those in Asia recently. Bitcoin Supplies Held By Asian And US Investors Have Gone Opposite Ways Recently According to data from the on-chain analytics firm Glassnode, an interesting dichotomy has formed between the different regional supplies of the cryptocurrency recently. Glassnode has divided the Bitcoin addresses into different regions based on the hours they have been making transactions in. &#8220;Geolocation of Bitcoin supply is performed probabilistically at the entity level,&#8221; notes Glassnode. An &#8220;entity&#8221; here refers to one or more wallets that are under the control of a single investor (or an investor group). &#8220;The timestamps of all transactions created by an entity are correlated with the working hours of different geographical regions to determine the probabilities for each entity being located in the US, Europe, or Asia,&#8221; explains the analytics firm. The three main regions are the US (13:00 to 01:00 UTC), Europe (07:00 to 19:00 UTC), and Asia (00:00 to 12:00 UTC). In the context of the current discussion, however, only the supplies based in the US and Asia are relevant. Related Reading: Bitcoin Price Blasts Above $28,000 Following 4.9% April CPI Report Here is a chart that shows the trend in the year-over-year supply change in these two regional Bitcoin supplies over the last few years: Looks like the values of the two metrics have been going exactly the opposite directions in recent months | Source: Glassnode on Twitter As displayed in the above graph, the Bitcoin supply held by the US investors was growing faster and faster in the leadup to and during the bull run in the first half of 2021 as the year-over-year change was constantly going up. The change slowed down in the second half of the year, but still remained positive, suggesting that the supply was still growing, albeit at a slower pace. In 2022, however, the supply started decreasing, as the bear market took over and the LUNA and 3AC crashes took place. The year-over-year change of the US-based BTC supply has continued to grow more negative since then and today stands at a value of -7.5%, suggesting that the supply has shrunken by 7.5% since May 2022. The Asian Bitcoin supply, however, has displayed a very contrasting behavior, as it started going up just as the American investors started shedding their holdings. Related Reading: Bitcoin Funding Rates On BitMEX Turn Deep Red, Here\u2019s Why This Is Bullish Interestingly, the pace at which the supply held by the Asian traders has transformed is almost exactly the same as what the balances of the US-based wallets saw (although, of course, the change has been in the opposite direction). Currently, the year-over-year change in the Asian supply stands at +6.9%. The fact that the Asian investors have bought a similar amount to what the US holders have sold suggests a direct transfer of coins between the two supplies. Now, as for why this continued transition of supply has taken place, the main reason is likely to be the fact that the US has been tightening up regulations related to the cryptocurrency sector recently. One of the most prominent examples of this has been the regulatory crackdown that Coinbase has observed from the Securities and Exchange Commission (SEC) recently. BTC Price At the time of writing, Bitcoin is trading around $28,200, down 1% in the last week. BTC has surged in the past day | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":531025,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,88249,88250,12210,1119,1144,61309],"class_list":["post-531023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-american-investors","tag-bitcoin-asian-investors","tag-bitcoin-supply","tag-btc","tag-btcusd","tag-glassnode"],"acf":[],"yoast_head":"\n<title>Bitcoin Supply Is Moving From American Holders To Asian Wallets: Glassnode<\/title>\n<meta name=\"description\" content=\"Data from Glassnode reveals the Bitcoin supply has been observing a shift from wallets based in America to those in Asia 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Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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