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.

Other Questions People Ask

What does the analysis by Glassnode reveal about the US Bitcoin supply fell over 10% in the past year?

Glassnode's analysis indicates that the US Bitcoin supply has decreased by over 10% since mid-2022, highlighting a significant migration of Bitcoin away from U.S. entities. This trend is measured using the Year-over-Year Supply Change metric, which assesses the ownership of Bitcoin based on transaction timestamps. The findings suggest that this decline in U.S.

How does the Year-over-Year Supply Change metric work in relation to the US Bitcoin supply fell over 10% in the past year?

The Year-over-Year Supply Change metric used by Glassnode is a probabilistic tool that estimates Bitcoin ownership based on when transactions occur. By correlating transaction timestamps with the working hours of different geographical regions, it determines the likelihood of entities being located in the U.S., Europe, or Asia. This methodology has revealed a notable decline in the U.S. share of Bitcoin supply, emphasizing the ongoing shift in global Bitcoin distribution.

What implications does the decline in US Bitcoin supply have for the cryptocurrency market?

The decline of over 10% in US Bitcoin supply could have significant implications for the cryptocurrency market, particularly in terms of liquidity and market dynamics. As Bitcoin moves towards Asia, it may lead to increased trading activity and investment interest in that region. Additionally, this shift could influence regulatory discussions and policies in the U.S., as highlighted by industry leaders like Brian Armstrong, who stress the importance of smart policy to maintain competitiveness.

Why is the migration of Bitcoin supply from the US to Asia significant?

The migration of Bitcoin supply from the US to Asia is significant as it reflects changing trends in cryptocurrency ownership and trading practices. This shift may indicate a growing acceptance and adoption of Bitcoin in Asian markets, potentially leading to increased demand and investment opportunities. Furthermore, it raises questions about the future role of the U.S. in the global cryptocurrency landscape and how regulatory approaches might evolve in response to these changes.