Definition

This metric shows the 30-day change in the regional price set during Asia, US, and EU working hours, i.e., between 8 am and 8 pm.

Quick Take

• A thesis I have covered for a substantial amount of time is that Asia is the smart money of the Bitcoin ecosystem, but 2023 has put that thesis into question.
• Asia purchased Bitcoin for many years when prices were suppressed, notably in May 2021 (China Ban) and May 2022 (Luna collapse).
• Asia also offloaded Bitcoin during the peak of the 2021 bull run (January and November), while the West was a net purchaser.
• Bitcoin is of great value in 2023 as a buyer; in terms of market and realized cap drawdown.
• Asia has been a net seller in 2023; therefore, I believe the thesis is in question.

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