Although Bitcoin and many digital assets set new highs in 2020, various crypto asset commentators have detailed that since October, there have been many Bitcoin purchases during the US market. Data shows that between East Asia and North America, these two regions accounted for nearly half of all Bitcoin transfers this year. Recent research also emphasizes that buying Bitcoin during the US time shows that institutional buyers are getting involved in the cryptocurrency economy.
Reuters reports that US investors are “eating” the Bitcoin boom
In the United States, as the news publication “Reuters” recently published a story about the phenomenon of a large number of North Americans buying Bitcoin, Bitcoin has been developing on social media. In fact, the report pointed out that “a large number of coins” appeared “from East Asia to North America” this year. Reuters’ findings originated from blockchain intelligence company Chainalysis, which claimed that East Asia Exchange saw a net outflow in November, representing 240,000 BTC ($4.5B). A large number of these bitcoins were sent to the North American continent.
The report emphasized: “By mid-November, the weekly net inflow of Bitcoin to platforms that mainly provide services for North American users increased by 7,000 times, reaching 216,000 Bitcoins, worth US$3.4 billion.” Crypto Exchange Global Business and Market The person in charge, Ciara Sun, had a conversation with Reuters on the latest trends in the United States
“The sudden influx of institutional interest from North America has promoted the transformation of Bitcoin trading, which is rebalancing asset allocation across different exchanges and platforms,” Sun emphasized.
The commentator emphasized that with the opening of the traditional American market, the purchase of Bitcoin has soared
When noticing this trend as early as possible, the news media also lags behind eight goals. For example, in a Twitter post written on November 20, the managing partner of Blocktower Capital, Ali Paul, Talking about Bitcoin interest from the United States.
Paul said: “For most of this rally, we have seen a clear pattern of buying algorithmic styles during the US session, but the performance is flat during the Asian session.” Tweet. Paul added: “Those who are mainly high-net-worth individuals (high-net-worth individuals) buy large amounts of money through algorithms (or through OTC desks that use algorithms).”
The executive further stated that the trend for hedge fund managers like Paul Tudor Jones to accumulate Bitcoin has been “accelerating.” “In the past few weeks, I have been talking to billionaire hedge fund managers many times to discuss their first purchases of $5 million to $100 million, and others increasing their asset allocation from 1% of their net assets to 5. -10%,” Paul highlight.Pagoda Capital Executives Said These “buyers are only interested in BTC, and they buy through currency narratives.”
The host of the Venture Coinist podcast is another commentator who has been discussing the trend of driving Bitcoin during the US session. Luke Martin. Bitcoin talked about Ari Paul’s comments on the same day and said that the executive’s topic well explained “the reasons for the upward trend in recent weeks.”
“[Ari Paul] Point out that buying orders that occurred during the US trading hours were relatively flat during the Asian hours. If this pattern continues, you will hint at what will happen this weekend. ” Add to. The podcast host also shared a chart that shows a clear upward trend during the U.S. hours and weekends.
“Weekend trading hours are highlighted in red on the BTC chart,” Martin Tweet. “[The] past [four] The weekend is almost flat.Price increased [are] Occurs when the traditional American market opens. There is no guarantee that this model will continue, but weekend trading should consider this. “Martin said.
Researchers believe that the trend is “may be a new round of institutional buyers”, active during the day and active at night
Nate Maddrey of Coin Metrics also mentioned the conversation about buying in North America in the company’s latest newsletter “The State of the Network: Issue 79”, and this topic continues to develop. Maddrey posted comments like Paul and Martin on Twitter last week, and he also detailed the US Bitcoin buying trend since October.
Maddrey’s report states: “This may imply that the price increase is driven by new institutional buyers, who are active during the day and relatively active at night and weekends.”
Coin Metrics researchers studied trends and shared charts of BTC prices when the US market opened and closed in November 2017 and 2020.
“The chart highlights the price of Bitcoin during the opening of the New York Stock Exchange, shown in green. The periods when the stock market is closed, such as nights, weekends and Thanksgiving holidays, are left blank (ie not highlighted).”
The study called the results “somewhat mixed,” with some changes in overnight price movements, especially on November 5. The opening price of BTC that day was approximately US$14,133 per unit, but in the evening, when the US market was closed, the price of Bitcoin rose by 10.23%. The closing price was $15,579 per BTC.
The report disclosed: “But overall, in the past month, the price increase during the opening hours of the U.S. market was greater than the price increase during the U.S. market’s closed period.” “On average, during the market opening hours, every Bitcoin The hourly return is about 0.1%, while it is about 0.04% when the market is closed.”
Compared with the bull market trend in November 2017, the results of currency indicators are more scattered. The author concludes: “In particular, in November 2017, during the night when the US market was closed, trading volume increased, while the weekend volatility was greater.” “When the US market is open, the average hourly return is about -0.13%, and when the market is closed About 0.11%.”
How do you see the trend of buying Bitcoin in the United States during this bull market? Let us know your thoughts on this topic in the comments section below.
Tags in this story
Active, United States, ari paul, bitcoin, bitcoin (BTC), bitcoin purchases, BTC, Chainalysis, Ciara Sun, Coin Metrics, crypto assets, Huobi, inactive, institutional investors, Luke Martin, Nate ·Matre, North America, Reuters reports, traders, trends, Twitter, US business hours, US market opening, venture capitalists
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Luke Martin, Twitter, coin indicators,
Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or allegedly caused by the use or reliance on any content, goods or services mentioned in this article or related thereto.