So far in 2022, the trend is even more telling. Since Jan 1st, 43% of bitcoin’s trading volume occurred during U.S. stock market opening hours. Trading activity tend to immediately pick up as the U.S. stock market opens, with bitcoins performance being tightly correlated to that of the S&P 500. These charts include weekend trading activity. In the next slide, we zoom in on the day-by-day volumes and the volume share during U.S. market hours. The U.S. trading hours dominate the bitcoin trading volume, even on weekends. In the last three weeks, bitcoin’s trade volume has seen a large share of its trading volume being pushed during U.S market hours. On average, in the last three Mondays and Tuesdays, 48% and 50% of the bitcoin trading volume occurred during U.S. market hours. The U.S. market hour dominance then muted somewhat over the following days, ranging at around 40%, which is still high considering that the U.S market hours combined accounts for less than 30% of the day. Interestingly, while volumes have been lower during the weekends than the weekdays, U.S. market hours still account for 40% of the BTC trading volume. This illustrates that bitcoin is getting most of its activity from American traders while also showing the considerable impact of the U.S. stock market on bitcoins performance lately.