Home Market Asia smart money flips bearish on Bitcoin for the first time since the FTX collapse

Asia smart money flips bearish on Bitcoin for the first time since the FTX collapse

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meaning

This metric shows the 30-day change in regional prices set during business hours for Asia, the US, and the EU.

Local prices are created in a two-step process. First, regions are assigned price fluctuations based on working hours in the US, Europe, and Asia. The price by region is then determined by calculating the cumulative sum of price changes for each region over time.

quick take

  • Asia has been considered the smart money of the Bitcoin (BTC) ecosystem for several years. Because you buy BTC when the price is down and sell it when the price goes up.
  • CryptoSlate has been analyzing this behavior for months and has uncovered a distinct trend known as the Asian Premium.
  • Specifically, in the last six months, Asia was buying from August 2022 to February 2023, while the West was selling BTC out of fear.
  • However, Asia, which had sold a small amount during the FTX collapse, has started selling again.
  • This trend is essential to observe and witness whether Asia is truly an ecosystem smart market.
Market: (Source: Glassnode)

Post-Asia smart money is bearish on Bitcoin for the first time since the FTX collapse first appeared on CryptoSlate.

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