Glassnode data analyzed by CryptoSlate Analysts show that Asia, the US and the EU have been bullish on Bitcoin (BTC) and Ethereum (ETH) since late January.
As the regional price metrics indicate, investors in all three regions are more bullish on BTC than on ETH. Meanwhile, the year-over-year supply of BTC for Asia means that BTC will continue to rise in the near term.
regional prices
The regional price metric used in this research shows the 30-day change in regional prices for Asia, the EU, and the US. Price movements during business hours for a region must be recorded before calculating the price metric regional. Then, the price of a region can be determined by calculating the cumulative sum of the price changes registered within the business hours of that region.
The chart below reflects the regional BTC prices for the three regions since early 2022. The red bars represent the regional price for the US, while the blue and green bars represent the EU and Asia, respectively.
If the metric falls below the zero line, this indicates that the region is bearish on BTC. If it is located above the line, it represents the bullish sentiment of the region.
According to the chart, all three regions turned bullish at the end of January 2023 and have been bullish ever since, with the US being the most bullish. The last time all three regions were bullish was for a brief period of time in August 2022, right after the Luna crash.
Ethereal
Regional ETH prices for Asia, the US, and the EU also represent a similar bullish sentiment. The chart below illustrates the regional ETH prices for each region since the start of the year 2022. The US, EU, and Asia are represented in red, blue, and green, respectively.
Similar to regional BTC prices, all three regions currently look bullish on ETH, with the US being the most bullish. However, neither region shows the same level of enthusiasm that they show with BTC.
Year after year supply from Asia
This metric provides an estimate of the year-over-year (YoY) change in market share between the supply of BTC held and the one traded. The chart below shows the year-on-year supply for the Asia region since early 2010.
The data shows that the region’s year-on-year supply is currently above 8.5%. This percentage indicates that Asia is at the highest bullish point in its history.
Former CryptoSlate The research revealed that Asian investors built and maintained a reputation for smart money by consistently buying at the bottom and selling at the top. Assuming Asia continues to act “smart”, its bullish sentiment indicates that BTC will continue to rise, at least in the short term.