Contrary to the flat performance during European markets, the Asian performance has been consistently negative throughout the year, with few examples of upside during Asian hours. So far this year, BTC’s performance has been the worst during Asian hours, seeing a net loss of 41.74%, with the most substantial downside being experienced during the 3AC collapse in June. Further, only 42 of the 240 trading days this year have seen BTC returns during the Asian session surpass 1%, while European and American hours have seen 57 and 56 days of gains surpassing 1% this year. The U.S. market hours seems to be the most significant contributor to BTC’s direction. Overall, the most erratic price movements have occurred during U.S market hours.
Source: Tradingview (Coinbase)
Year to date, BTC is down 25% during U.S. market hours, with a very tight relationship to the cumulative YTD returns of Nasdaq of 24%.