Bitcoin (BTC) supply flows East as the West faces intensified regulatory stress

2023-6-10 11:47

The cryptocurrency sector endured immense selling momentum after the Securities & Exchange Commission sued the two top crypto exchanges, Coinbase and Binance. While the United States and the West deal with heavy regulatory crackdowns, a massive amount of Bitcoin supply is flowing to the East.

Glassnode’s latest publication indicates that the East has gained most of Bitcoin‘s outflow from the West within the past year – with Europe’s supply nearly flat. The West, in this context, refers to the United States. Glassnode revealed;

“… as an increasingly hostile regulatory environment is established in the US, capital appears to be flowing out, and eastward in the digital asset sector.”

Source – Glassnode

Glassnode added that such developments highlight a risk-off environment as the remaining capital concentrates in more liquid majors. Also, the on-chain analytic platform noted an increased liking for stablecoin capital.

US crypto dominance reverses

Glassnode observed divergences in Bitcoin’s year-over-year shift geographically, stating that the massive dominance by United States firms in 2020 – 2021 gas reversed, with US’s supply dominance declining by approximately 11% since mid-last year (2022).

Meanwhile, European markets have remained somewhat neutral within the past twelve months, whereas Asian trading hours showcase a substantial uptick in supply dominance.

Bitcoin Price and Volatility

The latest crypto regulation wave saw Bitcoin price plummeting toward the $26K territory. Nonetheless, the bellwether crypto maintains above the crucial area of $26.3K. BTC changed hands at $26,589 at press time, with 515.8B in market cap.

Nonetheless, Bitcoin has shown long-term resilience as far as historical price actions and volatility are concerned.

Rare visualization showing bitcoin price history along with its historical volatility

Here's the power of long term holding

Thanks @unchainedcom for this visualization pic.twitter.com/PWV2i8wZTv

— smoky 😶‍🌫️ (@0xsmoky) June 9, 2023

The post Bitcoin (BTC) supply flows East as the West faces intensified regulatory stress appeared first on Invezz.

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Источник: invezz.com

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