Bitcoin market sentiment shifts as Asia turns from net buyers to net sellers

meaning

This metric shows the 30-day change in regional prices set during business hours for Asia, the US, and the EU (that is, from 8:00 AM to 8:00 PM).

quick take

• A paper I’ve been covering for quite some time is that Asia is the smart money of the Bitcoin ecosystem, but in 2023 that paper was called into question.
• Asia bought bitcoin over many years when prices were subdued, especially in May 2021 (China’s ban) and May 2022 (Luna’s collapse).
• Asia also offloaded Bitcoin during the peaks of the 2021 bull market (January and November), while the West was a net buyer.
• Bitcoin will be very valuable as a buyer in 2023. In terms of market and realized cap drawdowns.
• Asia posted net sales in 2023. Therefore, I believe the paper is the problem.

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