Asian Investors Accumulate BTC As Price Dips
CryptoQuant, an on-chain analytics startup, just provided data on Bitcoin supply and investor sentiment for May 2023. The firm disclosed that exchange reserves have drastically decreased as investor holding attitude has increased.
The analytics firm highlighted a comparison to the July 2019 trend, which “saw a decrease in deposit transactions during a $BTC price increase, indicating that the market was waiting for bullish momentum before the halving.” The graph below depicts the trend since the beginning.
At the same time, according to recent on-chain data from Glassnode, an on-chain analytics startup, Asia is currently leading the Bitcoin supply. Notably, research indicates that the continent’s Bitcoin supply has reached its highest level since 2016.
The metric “Bitcoin supply” is to estimate the year-over-year change in the share of the Bitcoin supply held or traded in Asia. Data suggest that the year-over-year supply in Asia has just breached 9%; this is the highest recorded level since the bear market back in 2016, which got to 10%.
(With inputs from Shikha Singh)
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