Trading executives report less bitcoin selling during Asia session

Mar 1, 2021 | The Block News | 0 comments

trading-executives-report-less-bitcoin-selling-during-asia-session

Let’s call it a meme reversal. 

One of the defining characteristics of the crypto market this year has been price action turning bearish during the Asia session. But that appears to be shifting, according to two trading executives.

“I can confidently say that we are seeing less selling,” said Phillip Gillespie, who runs trading shop B2C2’s Japanese office. 

“For months, there has been selling pressure in APC hours–primarily from miners and others taking profit during Asia sessions, but we are seeing less of that recently.”

Indeed, the most recent Asia session saw bitcoin par much of its losses from the weekend. Bitcoin was trading at $47,677 at 8:33 PM HKT.

Aya Kantorovich, head of institutional coverage at brokerage firm FalconX, told The Block that it began noticing this shift in its flows early mid-last week. 

“Hopefully there is a new level of confidence in Asia,” she said. 

B2C2’s Gillespie said US brokers were behind the recent selling. 

“We can’t disclose specific names, but there are some large US OTC brokers that started selling since last week.  Aggressive flows.”

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

Three Ether ETFs begin trading on Toronto Stock Exchange

Three Ether ETFs begin trading on Toronto Stock Exchange

Three ether (ETH) exchange-traded funds (ETFs) began trading on the Toronto Stock Exchange on Tuesday. The ETFs are by Canada-based asset managers: Purpose Investments, CI Global Asset Management, and Evolve Funds Group. The three firms received the green light from...

Pin It on Pinterest

Share This