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Bitcoin accumulation has slowed significantly, but as 2022 draws to a close, the US is buying more BTC than any other region, according to CrytoSlate’s analysis of Glassnode data.
A similar pattern of accumulation and distribution has been noted with Ethereum.
Accumulation and distribution of Bitcoin by region
The chart below illustrates the accumulation and distribution of Bitcoin by US, EU, and Asian regions. It shows strong bullish sentiment from the US and EU in the first half of the year, leading to high accumulation levels for these regions. At that time, Asia was selling out.
The peak pain after the collapse of Terra, as Bitcoin was rejected at $25,000 in mid-August, saw Asia shift from distribution to accumulation. Meanwhile, at this point, the US and EU have gone the other way, moving from accumulation to distribution.
Asia continued to buy in September and November. But since mid-November, no regions had accumulated.
As Christmas approaches, the US is accumulating again, albeit at low levels.
Source: Glassnode.com Accumulation and distribution of Ethereum by region
Analysis of Ethereum accumulation and distribution by region shows a similar trend, as the US and EU shift to high accumulation after Terra’s collapse, while Asia has gone limp. ‘reverse.
Much like the Bitcoin chart above, a noticeable drop in activity is occurring as the year approaches. So much so, ETH accumulation is now at its lowest point for 2022.
Source: Glassnode.com
With macroeconomic uncertainty lingering, the appetite for crypto slowed significantly at the start of the new year.
Posted in: Bitcoin, Research
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