New research from on-chain analytics firm Glassnode suggests that Bitcoin (BTC) has moved away from the United States during the 2022 bear market. The analysis shows a significant shift in where Bitcoin is held and traded, with a redistribution from west to east.

The amount of BTC supply held and traded by US entities has decreased by more than 10% since mid-2022, while Europe's share has stayed roughly equal. Meanwhile, there has been a significant increase in supply dominance across Asian trading hours.