Bitcoin accumulation has softened significantly, but as 2022 draws to a close, the US is buying more BTC than any other region. CrytoSlate Analysis of Glassnode data.
A similar pattern of accumulation and distribution was seen on Ethereum.
Bitcoin Accumulation and Regional Distribution
The chart below shows Bitcoin accumulation and distribution by US, EU and Asian regions. It shows strong bullish sentiment in the US and EU for the first half of the year, leading to high accumulation levels in these regions. At this time, Asia was selling.
With bitcoin rejected at $25,000 in mid-August, the biggest pain after Terra’s collapse is Asia’s shift from circulation to accumulation. Meanwhile, at this point, the US and her EU went in opposite directions, turning from accumulation to distribution.
Asia continued to buy in September and November. However, there has been no regional accumulation since mid-November.
Heading into Christmas, the US is building up again, albeit at a weaker level.
Ethereum Accumulation and Distribution by Region
An analysis of Ethereum accumulation and distribution by region shows similar patterns, with the US and EU reversing to massive accumulations after the collapse of Terra, but the opposite is true for Asia.
Similar to the Bitcoin chart above, there is a notable drop in activity as the year approaches. As such, ETH accumulation is currently at its weakest point in 2022.
Demand for cryptocurrencies has slowed significantly heading into the new year amid lingering macroeconomic uncertainty.