The research of Aracane Research analysis says that the cumulative year-to-date return of BTC during U.S trading hours, which has dropped from 4.22% on April 1st to -32.55% in May.
In result the overall selling volume over the month of April has occurred between the trading hours by a certain group of traders and investors indicating U.S trading sessions.
U.S Traders Sell-off Drive
Main selling pressure on the market has almost arrived from the U.S market participants, meanwhile the group of Asian investors also contributed in pumping up the digital gold.
Research report from Aracane Research analytics further reports that the dropping up of the Bitcoin holdings of U.S traders resulted in the main sell-off driver in April and created massive pressure on the crypto market as well.
Asian cryptocurrency holders found no reason to sell their holdings as massively as their western counterpart did and led to a sell-off drive, despite the large selling volume incoming from the country. Similarly, the European traders have also been following the same as they have been seeing stable trading session returns.
Market openings of digital assets in the U.S with Bitcoin and other cryptocurrencies are rising immensely with a hike in the selling volume Which can be used by retail traders to exit their positions with better entries. The market could give us a hint as to the market’s behavior during a day of trading.
The factors affecting the Bitcoin price dive according to analysts, Caleb Franzen and Cubic Analytics, “As liquidity gets pulled out of the financial system, risk assets are getting repriced.”
Further, the several different market sources are also opinionated that the depegging of algorithmic stablecoin TerraUSD (UST) has affected the crypto market downfall.