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.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

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 are 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."

TAGS
ASIA

About Author

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].