Bitcoin’s recent price decline has revealed a sharp split in trading, with US sessions driving sell-offs while Asian traders steadily buy the dip. Data shows American sessions have become the weakest period for Bitcoin prices.
This divergence highlights contrasting risk appetites and sparks debate about whether Bitcoin is experiencing a healthy correction or facing deeper structural issues.
US Trading Drives Bitcoin Sell-Offs, Asia Absorbs Supply
This week’s price activity reflects a clear trend: US trading hours show persistent losses, with European sessions experiencing smaller declines. In contrast, Asian-Pacific markets remain comparatively stable and often support price recoveries. Data snapshots underline the US trading window’s central role in recent market drops.
Bitcoin cumulative returns by trading session show US weakness. Source: CryptoRover
An X user commented, “Every single America session consists of relentless selling for hours. Then the Asians wake up and buy it all back until the Americans wake up. Like literal clockwork”. This interplay has become a regular feature of current trading dynamics.
The split may stem from differing risk sentiment across regions. US selling is likely due to caution over macroeconomic signals, policy changes, or liquidity. By contrast, many Asian traders view dips as buying opportunities, either because of confidence in Bitcoin’s outlook or because of varied investment approaches.
Liquidity and market depth factor in, too. US trading brings high volume, so broad selling can strongly affect global price moves. When American traders favor selling, global prices drop until Asian buyers step in and restore balance.
The Coinbase Premium Index, which reflects US institutional sentiment, has remained in negative territory for almost the entire month of November. Source: Coinglass
It’s also notable that retail investors are generally bearish, while whales are bullish and US institutions are bearish. The Coinbase Premium Index, which reflects US institutional sentiment, has remained in negative territory for almost the entire month of November.
Institutional Players Alter Traditional Bitcoin Cycles
On-chain analyst Ki Young Ju offers a detailed view of today’s market landscape. He notes that Bitcoin’s bull cycle technically ended earlier in 2024 after reaching $100,000. Traditional cycle theory would suggest prices drop toward $56,000 to set a new cycle low.
Such institutional absorption creates a virtual price floor, since major holders with steady conviction are unlikely to sell during downturns. Traditional models assumed most participants might capitulate in a bear phase, but strategic corporate treasuries challenge that assumption.
Yet, some warn that concentration creates fresh risks. If institutions face financial stress or change strategies, any large sale could disrupt the market. So far, however, they remain committed to holding and accumulating Bitcoin.
Experts See Healthy Correction in Ongoing Bull Market
Chris Kuiper, vice president of research at Fidelity Digital Assets, sees the recent correction in a positive light. He describes the drawdown as a standard adjustment in a larger bull market, not a sign that the cycle is over.
Kuiper’s analysis uses on-chain signals, such as the MVRV ratio for short-term holders. These stats indicate that the current price tests recent buyers’ conviction, echoing prior corrections that preceded further rallies. It shows that those who bought recently face unrealized losses before the market resets and trends higher.
Short-term holder MVRV ratio suggests a typical bull market correction. Source: Glassnode via Chris Kuiper
Lack of negative headline events supports his interpretation. No significant regulatory action, exchange failures, or macro shocks have triggered the pullback. Instead, profit-taking and leverage liquidations after Bitcoin’s rally toward $100,000 appear to be the main causes.
Traders now weigh two scenarios. The split between optimistic Asian buyers and cautious US sellers could be resolved if American sentiment improves or persists if global market structures shift further. Broader macro trends—such as government liquidity measures and regulatory changes—are likely to determine which path the market takes in the coming months.
