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Asia is still bearish on Bitcoin: Glassnode Report

Despite the recent small crypto price recovery, markets in Asia are still hesitant to buy Bitcoin and other digital assets, according to blockchain monitoring company Glassnode. Although it is progressively improving, on-chain activity and Bitcoin network utilisation remain firmly in the bear market zone.

The data also shows that the majority of the Asian markets are still dominating the selling of Bitcoin since January this year.On the other hand, markets in the EU and the US have dominated the purchasing pressure. According to the data, the US dominated Bitcoin purchases beginning in the middle of last year, while the EU is now leading bid support for BTC.

The emergence of new Bitcoin entities is critical to the evolution of the Bitcoin network. At the moment, the networks support new on-chain entities at a rate of 110k per day. The rate is close to what it was at the peak of a small bull market in 2019. Furthermore, the volume of Bitcoin transactions has increased recently, albeit it is still far below the peaks seen in 2019.

A greater growth rate would be a more favourable indication for metrics like active addresses, transaction counts, and new on-chain entities. Based on the history of crypto price fluctuations, this will also likely promote a strong price recovery. According to the research, a decrease in network use, on the other hand, will result in a more pessimistic observation, which might be an indication of demand depletion.

Read more: Each Bitcoin operation uses up to 2000 kWh of electricity: NYT story

Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.


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