Bitcoin (BTC) and the broader cryptocurrency market faced strong selling pressure amid SEC slapping lawsuits on two biggest crypto exchanges – Binance and Coinbase. As heavy regulatory action in the US and the West continues, a large part of Bitcoins has been moving to the East.
On-chain data from Glassnode shows that the East has been absorbing most of the Bitcoin (BTC) outflows from the West, over the last year. By West, we mean typically the US, as the supply in Europe remains almost flat. In its latest report, Glassnode mentions:
“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. European markets have been fairly neutral over the last year, whilst a significant increase in supply dominance is visible across Asian trading hours”.
Courtesy: Glassnode
Similarly, Glassnode makes an interesting observation
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