Recent data from Glassnode shows that there has been a shift in Bitcoin supply from US wallets to those based in Asia. The on-chain analytics firm categorizes Bitcoin addresses by the hours they have been active to determine their regional locations, and the data reveals that in recent months there has been a marked year-over-year change in Bitcoin supply held by Asian-based wallets.
The amount of Bitcoin held by wallets located in Asian countries has significantly increased compared to the same period for 2019. This shift in Bitcoin supply is likely a result of an uptick in trading activity and an increase in new money entering the crypto space from these regions. The most notable change in supply can be seen in BTC held by Chinese wallets, which has increased by almost 56% compared to the beginning of the year.
The data from Glassnode further reveals that the amount of Bitcoin held by wallets in the US has dropped by almost 13% in the same period, suggesting that American investors and traders are becoming less involved in the Bitcoin market.
The latest data from Glassnode indicates that there has been a shift in Bitcoin supply from US wallets to those based in Asia. Notable increases in supply can be seen in wallets located in Chinese, Japanese, and Korean markets, while US-based wallets have seen decreased levels of Bitcoin.
