43% of Bitcoin trading volume during US market hours: Arcane Research

[ad_1]

Uncle Sam dominates the Bitcoin (BTC) trading arena according to a report by Arcane Research. Bitcoin’s 90-day correlation with the S&P 500 is currently at its highest level since October 2020, while US trading hours show the most bitcoin activity.

For 2022, US trading hours show a marked increase in trading volume, accounting for 43% of 24-hour volume on average.

Trading volumes have increased during US market hours since late 2021. The figure of 43% is up from 36% from the period November 1, 2021 to January 16, 2022.

In the chart, the US market open is 3-9 PM UTC+1:

Arcane Research summed up the trend well:

Trading activity tends to pick up immediately when the US stock market opens, with Bitcoin’s performance being closely correlated to that of the S&P 500.

Interestingly, US traders are also starting the week off with a bang. Up to 50% of Bitcoin trading volume occurred on the last three Mondays and Tuesdays of the year, before dropping to 40%.

The 40% is still substantial given that US market hours from 9:30 a.m. to 4:00 p.m. Eastern Time make up less than 30% of a 24-hour day.

Related: Bitcoin Will Come Out Stronger After Stocks Fall ’10-20%’ – Bloomberg Analyst

The results illustrate that US traders – or traders wishing to trade during US market hours – are capturing the lion’s share of Bitcoin trading activity, and they are doing so early in the week. However, it also shows the massive impact of the US stock market on Bitcoin’s performance lately.

Given that bitcoin’s “90-day correlation to the S&P 500 is currently at its highest level since October 2020” and volatility is low, calls for fireworks in the market abound.

While analysts are warning that Bitcoin could drop to $38,000 “before a possible breakout,” in light of the data, the move could happen during US trading hours.

[ad_2]