Bitcoin strength now comes from Asia – Can BTC hold as U.S. and EU sell?
Bitcoin's recent price strength is primarily driven by buying activity in the Asia-Pacific (APAC) region, which has provided around 2% cumulative returns. In contrast, trading sessions in the U.S. and Europe have consistently pushed prices lower, with returns of approximately -3% and -4%, respectively. This regional divergence has made APAC the key source of upward momentum, preventing deeper declines.
Despite aggregate Open Interest in USD reaching new highs above $70 billion, leverage measured in Bitcoin terms has not surpassed previous cycle peaks, indicating more restrained speculative activity. For instance, Bybit’s Open Interest remained below the 60,000–62,000 BTC threshold that previously triggered cooling periods.
A significant shift is the growth in corporate Bitcoin holdings, which surged 448% from 197,000 BTC in January 2023 to roughly 1.08 million BTC. This institutional accumulation, largely by publicly listed companies, has locked away a substantial portion of supply, providing structural support to the market. Combined with contained leverage and steady APAC demand, these factors are helping Bitcoin withstand selling pressure during U.S. and European trading hours.
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