US Bitcoin supply fell over 10% in the past year — Glassnode
In its newest analysis of the BTC supply, Glassnode determined its migration around the world– especially, away from the U.S. and toward Asia.Since mid-2022, the amount of the supply held and traded by U.S. entities has actually reduced by more than 10%. Source: Glassnode/TwitterThe metric used to measure the phenomenon, Year-over-Year Supply Change, is a probabilistic tool that makes assumptions over BTC supply ownership based on the time at which it moves. The timestamps of all deals produced by an entity are associated with the working hours of different geographical areas to determine the probabilities for each entity being located in the United States, Europe, or Asia,” Glassnode discusses in its guidance notes.Year-over-Year Supply Change shows the U.S. share beginning to decline in March 2021, but accelerating start in May this year.Bitcoin U.S. Year-over-Year Supply Change chart.
In its most current analysis of the BTC supply, Glassnode determined its migration around the world– significantly, away from the U.S. and towards Asia.Since mid-2022, the quantity of the supply held and traded by U.S. entities has decreased by more than 10%. Source: Glassnode/TwitterThe metric used to determine the phenomenon, Year-over-Year Supply Change, is a probabilistic tool that makes assumptions over BTC supply ownership based on the time at which it moves. The timestamps of all transactions developed by an entity are correlated with the working hours of different geographical regions to identify the possibilities for each entity being found in the United States, Europe, or Asia,” Glassnode explains in its guidance notes.Year-over-Year Supply Change shows the U.S. share beginning to decrease in March 2021, however accelerating beginning in May this year.Bitcoin U.S. Year-over-Year Supply Change chart.
In an opinion piece for MarketWatch, Brian Armstrong, CEO of Coinbase, one of the targets of the legal action, cautioned that poor policy would downside the U.S.”Smart– and bespoke– policy in the 1990s and early 2000s allowed the U.S. to specify the Internet Age,” he composed.”Magazine: Bitcoin is on an accident course with Net Zero promisesThis post does not include financial investment guidance or recommendations.