The Bitcoin Tug-of-War: U.S. Loses Grip as Asia Tightens Hold
- U.S. Bitcoin supply dominance declines, shedding 11% since mid-2022.
- European markets maintain a steady, neutral stance amidst global shifts.
- Asian markets display a substantial increase in Bitcoin supply dominance.
Glassnode, the famous crypto analytics firm, recently made a striking observation. Over the past year, a distinct divergence has cropped up in the Bitcoin supply change based on geographical regions.
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.
— glassnode (@glassnode) June 8, 2023
European markets have been fairly neutral over the… pic.twitter.com/5AwNBYK6BZ
According to Glassnode’s report, in 2020-2021, fondly remembered as a time of crypto euphoria, U.S. entities held a commanding grip over the Bitcoin supply chain. They were the undeniable giants of the Bitcoin world, flexing their influence with a level of dominance that felt nearly unbeatable. However, nothing remains static for long in the ever-changing landscape of cryptocurrencies.
U.S.’s Dominance Dips by 11%
In fact, since the middle of 2022, a sharp turn has taken place. The U.S. supply dominance began to fade, dropping by 11%. Surprisingly, the tables have turned, and the crowning glory the U.S. enjoyed is reversing.
Interestingly, European markets have maintained a steady pace throughout this shift. Amidst the tumultuous times, European markets have been a picture of steadiness over the past year. They have maintained their position, neither gaining nor losing a significant share of Bitcoin’s supply.
However, the actual spectacle lies within the Asian markets. They have undergone a significant upheaval, marking a pivotal shift in the landscape of Bitcoin supply. Moreover, during their trading hours, they’ve displayed a significant boost in supply dominance. As per reports, this is not just a slight increase but a prominent surge pointing towards a broader trend.
In addition, this is more than just a simple power shift in the grand scheme of Bitcoin’s global landscape. It’s a complete realignment of forces. A once clear-cut U.S. dominance is receding, making way for a burgeoning Asian influence. And amidst this reshuffling, Europe continues to hold its ground, calmly riding the waves of change.
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Read more: https://thenewscrypto.com/the-bitcoin-tug-of-war-u-s-loses-grip-as-asia-tightens-hold/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
