43% of Bitcoin trading volume during US market hours: Arcane Research

Uncle Sam dominates the Bitcoin (BTC) trading arena according to a study published by Arcane Research. Bitcoins’ 90-day correlation to the S&P 500 is presently astatine its highest since October 2020 portion the United States trading hours amusement the astir Bitcoin activity. 

For 2022, the U.S. trading hours amusement a marked summation successful trading volume, making up 43% of the 24-hour measurement connected average.

Trading volumes person trended up during US marketplace hours since precocious 2021. The 43% fig is up from 36% from the play from Nov, 1, 2021 to Jan. 16, 2022.

In the graph, the U.S. marketplace unfastened is from 3 p.m. to 9 p.m. UTC+1: 

Arcane Research summed up the inclination neatly:

Trading enactment tends to instantly prime up arsenic the U.S. banal marketplace opens, with Bitcoin show being tightly correlated to that of the S&P 500.

Interestingly, American traders besides footwear disconnected the week with gusto. Up to 50% of Bitcoin trading measurement occurred connected the past 3 Mondays and Tuesdays of the year, earlier trending down to the 40% range. 

The 40% is inactive important fixed that the U.S. marketplace hours of 9:30 a.m. to 4 p.m. Eastern Time relationship for little than 30% of a 24-hour day.

Related: Bitcoin volition look stronger aft stocks dip '10-20%' — Bloomberg analyst

The findings exemplify that American traders — oregon traders wishing to commercialized during American marketplace hours — instrumentality the lion’s stock of Bitcoin trading activity, and they bash it aboriginal connected successful the week. However, it besides shows the sizeable interaction of the U.S. banal marketplace connected the show of Bitcoin lately.

Given that the “Bitcoin 90-day correlation to the S&P 500 is presently astatine its highest since October 2020,” and volatility is low, calls for fireworks successful the marketplace abound.

As analysts warn that Bitcoin could dip to $38,000 “before an eventual breakout,” in airy of the data, the determination could hap during U.S. trading hours.