According to Arcane Research’s most recent report, BTC’s 2020 and 2021 bull run has been heavily affected by the dynamics from investors in Europe, America, and Asia. The research firmed analyzed the cumulative Bitcoin returns and compare them to the trading hours in these territories.
Arcane Research quotes an NYDIG Research report which divides the trading sessions on North America, Europe, and Asia schedules. In doing so, the report determines Bitcoin’s geographic drivers. Arcane Research claims:
In 2020, bitcoin saw most of its returns during the North American and European trading hours with North American trading hours seeing the large cumulative gains of 132% (since Jan 1st, 2020).