It seems that the US Bitcoin supply dominance has just dropped as BTC is moving to Asia. Check out the latest reports about this below.
Glassnode analyzes BTC supply dominance
Crypto analytics platform Glassnode stated not too long ago that the regional distribution of Bitcoin (BTC) is seeing notable transformation amid changing investor behaviors.
The firm made sure to highlight the fact that the dominance of US entities in the Bitcoin market, which peaked between the years 2020 and 2021, is seeing a significant decline since around the time the price of BTC saw a massive drop last year.
“A clear divergence is visible in the year-over-year BTC supply change based on geographical regions. The extreme dominance of US entities in 2020-21 has clearly reversed, with US supply dominance falling by 11% since mid-2022.”
According to Glassnode, the BTC supply dominance reversed as Asian traders became more invested in the Bitcoin market, as per the online pubcalition the Daily Hodl.
“Bitcoin supply in the US region is down by 11% while those in the European Union (EU) region and Asian region are up by 1.1% and 9.9%, respectively,” the same online publication notes.
“European markets have been fairly neutral over the last year, whilst a significant increase in supply dominance is visible across Asian trading hours.”
It is also worth noting the fact that Glassnode also reports that leading crypto exchange Binance, which was recently hit with 13 charges in the US, is seeing large outflows in Bitcoin.
In other news, according to the latest reports, it seems that according to a new Universal Basic Income (UBI) trial this will test just how effective it is to hand out cash to everyday citizens.
The two-year trial will give away £1,600 ($2,013) per month to people in central Jarrow, northeast England and East Finchley, north London.
“The test, which will send out a total of $1.44 million, will be conducted by the think tank Autonomy and will monitor 30 participants,” according to the notes revealed by the online publication the Daily Hodl.
