Glassnode noted that Bitcoin supply dominance has changed significantly over the past two years, with Asia on the rise.
In the balance of dominance over Bitcoin supply, it was seen that the US was losing strength and Asia was on the rise. Crypto pressures in the US were effective in the dominance shift, which reversed the previous bull season.
According to Glassnode data, US organizations hold 11 percent less BTC than in June of the previous year. However, Asia bought BTC with a 9.9 percent increase in trading hours.
Bitcoin Domination Changes Hands
Examining dominance data over Bitcoin supply, Glassnode revealed that the USA is losing blood and Asia is on the rise.
Looking at Glassnode data, it seems that during the previous bull season, the US had a significant share in BTC supply dominance. During the 2020-21 bull period, BTC dominance shifted to the US after bans from Asia. The fury that started here had a strong bull season in Bitcoin. However, after 2 years, it seems that things have turned around and Asia is getting stronger in dominance again.
In addition, Glassnode announced that the lowest level in years was seen on the USDC and BUSD sides. On the USDT side, it was stated that it led the big change as the supply reached record levels.
Stablecoins have been the crypto sector most affected by the US pressure. Pressures on stablecoins caused USDT to stand out and reach a market cap of close to $100 billion.
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