Market hours in the United States coincide with almost half of the cryptocurrency trading volume, analysts at Arcane Research found out.
According to the analyst firm, bitcoin trading coincides with US trading hours, even on weekends.
“Trading activity tends to immediately pick up as the US stock market opens, with Bitcoin performance being tightly correlated to that of the S&P 500.”
This indirectly suggests that US traders dominate the cryptocurrency market in terms of trading volume. According to the report by Arcane Research, a trend towards an increase in the share of US traders in the crypto market has been observed since the second half of 2021. From November 1, 2021 to January 16, 2022, the share of US traders increased from 36% to 43%. This also led to an increase in the correlation between the bitcoin price and S&P500. The correlation stands currently at its highest level since October 2020.
Arcane analysts also drew attention to the fact that US traders are most active at the beginning of the working week. Thus, up to 50% of the volume of trading in bitcoins accounted for the last three Mondays and Tuesdays of 2021.