Bitcoin Flows in Western Europe Up Significantly
BTC appears to be in vogue in Western Europe. Though the reasons behind this are not so clear.
According to Chainalysis, the regional flows from Western Europe are up significantly in August 2023, increasing by 699.58 BTC.
This equals $128,097,522.
The bar chart also shows regional flows in other parts of the world, including Eastern Asia, North America, Rest of the World, and from Western Europe. To compare, in North America, the flow within North America stands at $124,027,964. In Eastern Asia, the respective number is $24,810,144. In other parts of the world, the volume is significantly lower, equaling just $2,760,705.
Regional BTC flows Source: Chainalysis
BTC flows show the overall level of asset use and how assets flow between use cases. According to Chainalysis, most flows on the blockchain are assets in transit between services, moving via unknown entities.
Total flows likewise show that there’s a significant increase in their volume in recent weeks. On one occasion the flows stood at 128.11 K Bitcoin.
It is unclear what exactly could have provoked this spike.
BTC flows. Source: Chainalysis
The demand worldwide, however, has decreased by 6,4%. Likewise, BTC flows to fiat exchanges and crypto exchanges are down by 9,2% and 9,5% respectively.
Total BTC flows at the time of writing stands at 83.18K. Meanwhile, BTC flows to fiat exchanges and BTC flows to crypto exchanges stand at 19.53K and 55.07K respectively.
BTC demand. Source: Chainalysis
Bitcoin is subject to increasing regulation in the EU. In April, the European Parliament approved with 529 votes in favor to 29 against and 14 abstentions, the first piece of EU legislation for tracing transfers of crypto-assets like bitcoins and electronic money tokens.
Meanwhile, Jacobi Asset Management has announced the launch of Europe’s first bitcoin exchange traded fund is expected to be publicly listed this month, 12 months after its planned launch due to the collapse of Terra Luna.
Previously, GNCrypto reported on Leading Bitcoin Mining Companies.
