This indicator shows the 30-day regional price change set during Asia, US and EU business hours ie. between 8 a.m. and 8 p.m.
- One thesis that I have been advocating for quite some time is that Asia is smart money of the Bitcoin ecosystem, but 2023 called that thesis into question.
- Asia has been buying bitcoins for many years when prices were suppressed, especially in May 2021 (China ban) and May 2022 (Luna collapse).
- Asia also unloaded Bitcoin during the peak of the 2021 bull run (January and November), while the West was a net buyer.
- Bitcoin has great value in 2023 as a buyer; in terms of market and realized cap absorption.
- Asia was a net seller in 2023; therefore I think the thesis is questionable.
The message Bitcoin market sentiment is shifting as Asia turns from net buyers to net sellers first appeared on CryptoSlate.
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