According to data from Kaiko, Bitcoin trading activity during US market hours has reached new all-time highs.
The share of Bitcoin traded during US market hours between January and April 2024 was 46%, Kaiko said, up 2 percentage points from 2022 and setting a new all-time high for the market.
Source: Kaiko
Data from crypto analytics platform Kaiko indicates that Bitcoin trading share is highest during US market activity hours, between 13 hours UTC, which marks the beginning of the US market schedule, until 20 hours UTC, which marks the close of activity in this market.
According to Kaiko, this increase appears to be driven by the listing of cryptocurrency spot ETFs, which were approved by the US Securities and Exchange Commission (SEC) in January this year.
The United States led the Bitcoin price rally
Bitcoin trading volume between January and April was dominated by the United States, Kaiko suggests. Based on its data, the platform claims that the regulatory approval that Bitcoin spot ETFs received to be listed on US exchanges fueled the price rally experienced by the cryptocurrency in the market since the beginning of this year.
In the report "Clock Ticks Down on ETH ETFs”, the crypto analytics platform highlighted that issuers of new Bitcoin ETFs calculate the net asset value (NAV) of their funds against specific benchmark indices at the close of the US market each business day, which is driving BTC arbitrage and price discovery.
On the other hand, the platform highlighted that the volume of Bitcoin activity in other markets, such as Asia-Pacific (ASAP), between 1 hour UTC and 6 hours UTC, remains significantly lower than that seen during US market hours, indicating that Bitcoin's price recovery is related to the launch of cash-exchange-traded funds in the country in January.
Source: Kaiko
El bitcoin price set a new all-time high this year, reaching a value of $73.750 per unit on March 14. Since then, it has remained trading between $60.000 and $70.000, according to data from the CoinMarketCap platform, remaining within a bullish streak despite the inherent uncertainty of the market.
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