An eternity of selling volume in April only occurred during the trading hours of a certain group of traders and investors. Those trading hours are U.S. trading sessions, which indicate that the main selling pressure on the market is coming from U.S. market participants, while a group of Asian investors mostly pumps the digital gold.
As the data of Aracane Research analysts suggests, the cumulative year-to-date return of BTC during U.S. trading hours dropped massively from 4.22% on April 1st to -32.55% in May.
The entire sell-off since April has occurred during U.S. trading hours.
The cumulative YTD return of BTC during U.S. trading hours has plunged from 4.22% on April 1st to -32.55% today.
During Euro and Asian trading hours, BTC has seen flat returns since Apr 1st. pic.twitter.com/3vmeenHIGb
— Vetle Lunde (@VetleLunde) June 6, 2022
The data indicates that U.S. traders were mostly dropping their Bitcoin holdings, creating enormous pressure on the market and becoming the main sell-off driver in April.
Despite the large selling volume incoming from the country, Asian cryptocurrency holders saw no reason to sell their holdings as massively as their western counterpart did. The same rule applies to European traders that have been seeing stable trading session returns.
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While the dynamic may not seem important, it could give us a hint as to the market’s behavior during a day of trading. With U.S. markets opening, Bitcoin and other digital assets are seeing a spike in the selling volume, which can be used by retail traders to exit their positions or find better entries.
As for Bitcoin’s current position on the market, it still moves in a consolidation range formed around $28,000 and $31,000. Unfortunately, BTC was not able to break through during yesterday’s trading seesion and retraced back below $30,000.
At press time, BTC trades around $29,560 and loses almost 6% of its value in the last 24 hours of trading. The U.S. market has not yet opened and may cause even more pressure in the upcoming hours.
