US Regulatory Actions against Crypto Exchanges Drive Bitcoin Supply Eastward

The US Securities and Exchange Commission’s (SEC) lawsuits against the world’s two largest cryptocurrency exchanges, Binance and Coinbase, led to intense selling pressure in Bitcoin (BTC) and the rest of the cryptocurrency market. Harsh regulatory measures in the US and the West resulted in a large portion of Bitcoin supply shifting to the East. The Bitcoin Supply is Shifting From the West to the East Data obtained by Glassnode on-chain shows a significantly higher rate of Bitcoin outflows from the West compared to the East over the past year. By “West,” it generally refers to the US, as the supply of BTC in Europe has remained almost constant. In its recent report, Glassnode stated: A clear divergence can be seen in the annual change in BTC supply by geographic regions. The overwhelming dominance of US institutions in 2020-2021 clearly reversed, and the dominance of Bitcoin supply in the US fell […] The post US Regulatory Actions against Crypto Exchanges Drive Bitcoin Supply Eastward appeared first on COINTURK NEWS.