Quick Take
- Asia’s Bitcoin supply is at its highest level since 2016.
- This metric estimates the year-over-year change in the share of the Bitcoin supply held or traded in Asia.
- The year-over-year supply in Asia has just breached 9%; this is the highest level since the bear market back in 2016, which got to 10%.
- Geolocation of Bitcoin supply is performed probabilistically at the entity level. The timestamps of all transactions an entity creates are correlated with the working hours of different geographical regions to determine the probabilities for each entity being located in the US, Europe, or Asia.
- According to data below, uring bear markets, Asia’s supply continues to increase, as they buy value, and offload Bitcoin during bull runs.
- The data below suggest that during bear markets, Asia consistently increases its Bitcoin supply by buying value with the intent of offloading during bull runs.
- This current cycle would assume the trend is continuing, as Asian traders continue to buy Bitcoin in this bear market.
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