Gaining a solid understanding of the global market requires moving away from daily and weekly closes. One metric that provides a good insight into the overall health of the market is the month-over-month (MoM) price change. This metric shows the 30-day change in established regional prices during US, EU, and Asian business hours. These regional prices are generally determined by calculating the cumulative sum of each region’s price changes over a 30-day period.

Asian smart money

Analysis of Bitcoin’s month-on-month price change from October 2021 to July 2022 reveals several interesting trends.

In early May 2022, a trend began in Asia indicating increasingly bullish sentiment from the region towards Bitcoin. Highlighted by the black square in the chart above, the trend shows that investors in Asia have made the biggest gains in the cryptocurrency industry.

The chart above clearly shows that Asian investors have dominated the crypto market in the last two years and most of the smart money in the market seems to come from the Far East. Investors in Asia have been able to sell the early 2021 high and then buy the summer 2021 low as well as sell the first pump of the summer lows.

When Bitcoin crashed to $40,000 in late summer last year, Asian investors were the first to buy the dip and the first to sell in November 2021 as Bitcoin regained its all-time high.

In May 2022, trade volumes in Asia were the highest since last summer, when the region was taking advantage of lower prices at the expense of massive sales in the US and the EU. Players like Three Arrows Capital and Voyager have made Europeans and Americans more fearful than ever when it comes to the crypto market. The capitulation of the miners and the broader macroeconomic outlook failed to improve the situation.

However, the Asian-led narrative appears to be changing rapidly.

Data for July 2022 has shown that the build-up is happening outside of Asia as well, with the US and EU markets starting to build up collectively for the first time since early April. This could indicate that the West is starting to see Bitcoin as a valuable asset in times of macro and geopolitical uncertainty.

Month-to-month price change in the US by Glassnode noted by CryptoSlate Month-to-month price change in the EU by Glassnode noted by CryptoSlate Month-to-month price change in Asia by Glassnode noted by CryptoSlate

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