Glassnode: The amount of BTC held by US entities decreased by 11% YoY in June 2022, while the number of active investors during Asian trading hours increased by approximately 10%.

Glassnode

2023-06-05 13:50

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Increased regulatory pressure in the United States has led to USDT reaching an all-time high supply, while the dominant position of American capital in the Bitcoin market is weakening.

BlockBeats News, on June 5th, Glassnode released relevant data on social media indicating that there has been a significant shift in the dominance of Bitcoin supply over the past two years. The amount of BTC held by US entities has decreased by 11% compared to June 2022, while investors active during Asian trading hours have increased by 9.9%. This is in stark contrast to the bull market cycle of 2020-21.

In addition, there are significant changes happening in the stablecoin industry. The supply of USDT has reached a new high this year, while the supply of USDC and BUSD has dropped to a multi-year low. As stablecoins do not accrue interest and regulatory pressure in the US is increasing, this data may indicate a decrease in US capital activity in digital assets.

From the perspective of on-chain traffic on trading platforms, demand has been significantly weak since April. The influx of stablecoins has largely offset the inflow of BTC and ETH in the first quarter. However, as the coin prices have fallen, it can now be seen that the inflow of BTC and ETH (assuming they are from sellers) is larger relative to stablecoins.

Several undercurrents are at work, which may indicate the rotation of capital in the Bitcoin market, and liquidity is shifting towards lower-risk digital assets.