While bitcoin and a number of digital assets set new 2020 price highs, a variety of crypto-asset commentators have detailed that since October, there’s been a lot of bitcoin buying action during U.S. market hours. Data shows that between East Asia and North America, the two regions account for close to half of all the bitcoin transfers this year. Recent research also highlights bitcoin buying during U.S. hours suggests that institutional buyers are dipping their feet into the crypto economy.
Reuters Reports American Investors Are ‘Gobbling Up’ the Bitcoin Boom
In the U.S., bitcoin has been trending on social media, as the news publication Reuters recently published a story about a great number of North Americans buying into the bitcoin phenomenon. In fact, the report notes there’s been a “massive flow of coin” this year “to North America from East Asia.” Reuters’ findings stem from the blockchain intelligence company Chainalysis and it claims that East Asian exchanges saw net outflows in November representing 240,000 BTC ($4.5B). An extremely large quantity of those bitcoins was sent to the North American continent.
“Weekly net inflows of bitcoin – a proxy for new buyers – to platforms serving mostly North American users have jumped over 7,000 times this year to over 216,000 bitcoin worth $3.4 billion in mid-November,” the report highlights. Ciara Sun, Head of Global Business and Markets at the crypto exchange Huobi spoke with Reuters about the latest trend in the U.S.
“The sudden influx of institutional interest from the North American region is driving a shift in bitcoin trading, which is rebalancing asset allocations across different exchanges and platforms,” Sun stressed.
Commentators Highlight Bitcoin Buying Ramps Up While Traditional U.S. Markets Are Open
The news outlet is also behind the eightball when it comes to noticing this trend early. For instance, in a Twitter thread written on November…