2024-2-14 21:25 |
Quick Take
An in-depth analysis of Bitcoin price variations across different regions, based on a 30-day metric, reveals intriguing patterns. The data from 8 am to 8 pm in Eastern, Central European, and China Standard Time provides insights into regional influences on Bitcoin price changes during typical work hours.
On Feb. 5, CryptoSlate observed a significant rise in Bitcoin prices in the US compared to a decline in Asia. Since Bitcoin’s inception, the US has seen a cumulative price change of 12,200%, while Asia experienced a drop of roughly 3,500%, according to Glassnode.
US Month-over-Month Price Change: (Source: Glassnode)Arguably, one of the most substantial price shifts occurred on Feb.12, as Bitcoin prices surged from roughly $47,800 to $50,300 during US operational hours. This price leap, one of the most significant since the Bitcoin ETF approval on Jan. 11, is seemingly linked to an ETF inflow of $493 million.
Further data from Velo reinforce this bullish trend during US hours. Over a two-week observation period, Bitcoin appreciated 8% during US hours and 13% during EU hours, indicating increasing regional confidence in the leading digital asset.
BTC Cumulative Return by Session: (Source: Velo)The post Bitcoin ETF inflows in US mark largest price boost since approval appeared first on CryptoSlate.
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