• Asia’s Bitcoin supply is increasing during the current bear market, reaching its highest level since 2016.
• Data suggests that during bear markets, Asian traders tend to buy Bitcoin with the intent of offloading during bull runs.
• Yesterday saw the largest one-day Bitcoin transfer from miners to an exchange in two years.
Asia’s Bitcoin Supply on the Rise
Yesterday saw the largest one-day Bitcoin transfer from miners to an exchange in two years, as Asia’s Bitcoin supply continues to increase during this bear market. According to data from Glassnode, the year-over-year supply in Asia has just breached 9%, which is the highest level since 2016. This suggests that Asian traders have been buying value with the intent of offloading during bull runs.
Eurozone Inflation Data Trends
The Eurozone has seen positive inflation data trends for core CPI and unemployment rates remain strong despite a weakening global economic outlook. The European Central Bank (ECB) recently announced it would keep its benchmark interest rate at 0% and increase asset purchases by up to €1 trillion in order to counter any potential economic downturns due to COVID-19.
Bitcoin Outshines Oil
Since 2010, Bitcoin has outshined oil when it comes to gains in value; with a return of 4,900% compared with oil’s 7%. Despite this impressive growth however, November 2022 marked one of the worst months for BTC since then, while Ethereum held steady despite market declines.
Bear Markets and Bull Runs
During bear markets like we are seeing now, Asia consistently increases its share of total bitcoin supply; buying value with intent of selling later during bull runs. This trend appears consistent so far this cycle as well; as Asian investors continue buying bitcoin despite potential downside risks associated with market volatility.
Conclusion
In conclusion, yesterday saw a record breaking transfer from miners to exchanges while Asia’s bitcoin supply grows during this bear market; suggesting continued confidence by investors despite potential downside risks associated with market volatility. Furthermore, Eurozone inflation data trends remain positive while BTC outshines oil on gains since 2010 – though November 2022 marked one of BTC’s worst months historically while Ethereum managed some stability throughout last month’s declines