Asian Traders Behind Bitcoin's Recent Gains, Report Reveals

Data shows most of Bitcoin’s recent gains since November 27 have been observed during Asian trading hours, in keeping with a report.

Bitcoin Saw The Most Returns During Asian Trading Hours

As per the most recent weekly report from Arcane Research, Asian trading hours saw positive cumulative BTC returns of around 16% between November 27 and January 15. The report defines the three principal trading hours: between 0 to eight Central European Time (CET) for Asian hours, 8-16 CET for European, and 16-24 for the US.

Here’s a chart that shows the cumulative returns that Bitcoin got during each of those trading hours since 27 November:

The worth of the metric seems to have been the bottom for Europe | Source: Arcane Research’s Ahead of the Curve – January 17

As shown above, Bitcoin has seen chiefly positive returns during Asian trading hours between 27 November and 15 January. This could suggest that traders in Asia have been participating in net buying throughout this era.

The US trading hours mostly saw consolidation on this timespan, implying that activity may need been at a standstill. BTC’s returns were also negative at the tip of the yr during these hours, while they all the time remained positive during Asian hours.

There was one exception. Nevertheless, the market reacted strongly to the CPI news last week, and BTC observed gains. Bitcoin’s cumulative returns stand at 10% within the green during US hours, while they stand at 16% for Asian hours.

European hours also mostly saw sideways movement, with BTC remaining at slight negative returns through a lot of the period, until the recent surge, which also saw buying during this time zone. Still, this uplift was enough to bring the crypto back to neutral returns.

Which means most of BTC’s recent profits got here in the course of the Asian hours, with US participants only pushing the value in last week’s CPI surge, while European traders were mainly irrelevant for the coin.

An exciting trend appears within the correlation between Bitcoin and Nasdaq futures for every time zone. The “correlation” here refers to a measurement of how closely the value of BTC has been following changes in Nasdaq futures.

The below chart highlights the trend within the each day Bitcoin correlation with Nasdaq futures sorted by hours of the day.

Looks just like the value of the metric has been low for the primary two time periods | Source: Arcane Research’s Ahead of the Curve – January 17

Based on the report, the general 30-day correlation between Bitcoin and Nasdaq has recently plunged to pretty low values. Nevertheless, even so, it might appear that there’s some relevant correlation during US trading hours still present. This implies price motion tends to follow Nasdaq futures on this time zone.

In Asian and European trading hours, nevertheless, the indicator’s value has consistently remained low this month to this point.