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Asian Sellers Weighing on Bitcoin Price, But Possibly Not for Much Longer
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The bitcoin (BTC) price on average moves markedly lower during Asian business hours than it does during the European and US business hours, indicating that significant selling pressure is coming from Asian investors, new data from on-chain analytics firm Glassnode suggests.
The data, which was first shared on Twitter by Glassnode researcher Johannes Hofmann, compared the price on a given day with the price a month earlier, and looked at how large the monthly price changes were during different times of the day.
According to Hofmann, the data reveals what he called “an unprecedented amount of selling from Asia” as a force behind the lower bitcoin prices seen since the cryptocurrency had reached an all-time high in early November.
Furthermore,
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