In recent months, under the strong supervision of the West, a large number of bitcoins have flowed to the East.After the SEC filed a lawsuit against Binance and Coinbase, the two largest Cryptocurrency exchange, Bitcoin (BTC) and the broader Cryptocurrency market faced strong selling pressure
In recent months, under the strong supervision of the West, a large number of bitcoins have flowed to the East.
After the SEC filed a lawsuit against Binance and Coinbase, the two largest Cryptocurrency exchange, Bitcoin (BTC) and the broader Cryptocurrency market faced strong selling pressure. With the continuation of strict regulatory actions in the United States and the West, a significant portion of Bitcoin has been transferred to the East.
On chain data from Glassnode shows that in the past year, the East has been absorbing the majority of Bitcoin (BTC) outflows from the West. In the West, we usually refer to the United States because supply in Europe is almost flat. Glassnode mentioned in its latest report:
Significant differences can be observed in the year-on-year changes in BTC supply based on geographical regions. The extreme dominance of US entities in 2020-21 has significantly reversed, with the US supply dominance decreasing by 11% since mid-2022. The European market has been quite neutral in the past year, while a significant increase in supply dominance can be seen during Asian trading periods.
Similarly, Glassnode made an interesting observation on the turnover of Tether (USDT). It points out that "Tether is more popular in countries/regions where the domestic currency is not very strong and it is more difficult to obtain the US dollar. In addition, due to the United States' strict regulations on digital assets, people are transferring funds to other places, especially in the East.
Bitcoin Price Fluctuation and Trading Volume
The price of Bitcoin (BTC) has plummeted to nearly $26000, but still manages to remain above the critical supply of $26300. As of press release, the transaction price of BTC is $26502, with a market value of $514 billion.
After the SEC took action against Binance, the BTC market depth on Binance. US has dropped by an astonishing 70% in the past three days. With Binance. US announcing a suspension of all US dollar deposits on the platform, this may continue to decline further.
In addition, on chain data provider Santiment explained that as market volatility intensifies, the number of unique BTC addresses interacting in the past two days has skyrocketed to over 1 million.
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