Recent data has revealed that Bitcoin (BTC) assets have shifted from the US to the Asian side over the past year.
The increasing anti-crypto-currency attitude of the USA and especially hong Kong including of Asia almost embracing attitude of cryptocurrencies flow direction changed.
On-chain analytics platform offered by Glassnode data He revealed that Bitcoin supply is shifting from the US to Asia. According to the data, Bitcoin assets of US-based organizations compared to June 2022 %11th While showing a decline, the Bitcoin supply of Asian-based institutions in the same period was approximately 10% It increased.
On the other hand, another indicator of money shifting from the USA to the Asian side was the volume data on the leading cryptocurrency exchanges. Known as the world’s largest cryptocurrency exchange Binance, Bitcoin assets in the last three years While increasing 421,000 BTC USA based coinbase during the same time 558,000 BTC asset loss lived.
US regulators continue to take a restrictive stance against cryptocurrency exchanges operating inside and outside the country, especially Coinbase. With this Hong Kongwith the support of China June 1 It has legalized the use of cryptocurrencies throughout the country since its inception. Making a statement in this direction, TRON founder Justin Sun suggested that China will return to Bitcoin and cryptocurrencies.
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Related article: Justin Sun Insists His Claim: Will China Return To Bitcoin? Hong Kong A Trial!
Stablecoin supply drops
Current data has revealed that the stablecoin supply has decreased and dominance began to accumulate in one hand. Total stablecoin supply of top five stablecoin issuers since the beginning of the year 7.5% or 10 billion dollars decreased. However, global Tether (USDT) supply in 2023 17 billion dollars worth a 25% increase by displaying $83 billion reached a record level.
Especially the USA Circle to your company Binance USD (BUSD) sanctions and USDCof Silicon Valley Bank (SVB) exposure resulted in users turning to USDT. USDC supply in 2023 35%corresponding to $15.7 billion witnessed a huge decline in value.
In addition to all these factors, Glassnode interest income He also stated that it triggered a significant break on stablecoins:
Given that stablecoins are not yielding interest and regulatory pressure in the US has increased, US capital now appears to be less active in cryptocurrencies.
Is the Leader Changing in Bitcoin? Supply Domination Shifts from the USA to Asia! The article named was prepared by Tugay Erdem and published on koinbulteni.com.
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