The period leading up to the ETF launch was marked by an increase in Bitcoin’s price. And while the launch of the first spot ETFs in the U.S. failed to create the bombastic bull rally many were hoping for; it showed just how significant local markets are in driving global prices.
Specifically, Glassnode’s data on regional month-over-month price changes indicates that the U.S. market experienced the highest rate of price increase compared to Asia and the E.U. This suggests a growing interest in Bitcoin among U.S. investors, likely fueled by the anticipation of the ETFs’ introduction.
Such a regional surge in interest is significant, as it highlights how localized factors, such as regulatory changes or the launch of new financial products, can significantly impact the market.
Graph showing the regional month-over-month price change in the U.S. (blue), Asia (red), and E.U. (yellow) from Oct. 4, 2023, to Jan. 17, 2024 (Source: Glassnode)
The U.S. market significantly influences globa
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