Data Shows Bitcoin Trading Hits Snooze During Asia Market Hours

Data shows Bitcoin trading has hit a snooze during Asian market hours, despite being the key aggressor for moves before 2020.

BTC Sleeps During Asian Trading Hours

As per this week’s Arcane Research report, Bitcoin seems to be mostly sleeping during Asian market hours, despite being a key force in price moves before 2020.

In order to judge how much activity happens in specific regions, the report uses the Bitcoin returns metric for three main time zones. Based on the returns during these trading sessions, it becomes possible to say which region may have been the main driving force behind BTC’s changes.

Typically, the North American trading session happens from 9 AM to 5 PM. Then Asian hours start at 5 PM to 1 AM. And finally, the European market picks up between 1 AM and 9 AM. All times are in Eastern Time (ET).

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Here is a chart showing the Bitcoin returns during these hours since January 2020:

European trading sessions seem to have enjoyed the most returns | Source: Arcane Research

As the above chart shows, while other regions have enjoyed positive returns, Asian market times have only seen the price move down overall as returns stand at -14%. During this period, Bitcoin’s value went from $7200 to a peak of $65,000, from where it has moved down to $42,000 today.

It looks like European trading time has been the best time to trade BTC this year as cumulative returns stand at 294%. In June, the returns made a peak for the market session at around 365%.

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American hours peaked relatively quick in January 2021, and after that they moved flat for a while, until dropping off in April. However, from July onwards, Bitcoin started seeing strong movement during these market times, showing that American traders are back to the coin.

Currently, cumulative returns since the start of January 2020 stand at about 87% for the North American market session.

Bitcoin Price

At the time of writing, BTC’s price floats around $42k, down 11% in the last seven days. Over the past month, the coin has lost 16% in value.

The below chart shows the trend in the price of the coin over the last five days.

BTC's price has shown a lot of volatility recently | Source: BTCUSD on TradingView

A couple of days back, Bitcoin touched down to $40.5k as it continued a move downwards from near $49k a few days ago. Some thought this would be the bottom, but yesterday, the price dropped down to as low as $39.6k. Though, it has recovered a bit since.

It’s hard to say which direction the price might go in next; most likely the market will continue this trend of volatility for a while more.