Trading activity in bitcoin far higher during U.S. trading hours

We’ve frequently highlighted the high correlation between bitcoin and the S&P 500 lately. When examining the trading volumes, it’s also clear that bitcoin’s trading volume tends to be substantially higher during the U.S. market open.

When examining the hourly trading volume from the largest spot markets since November 1st, we find that, on average, 36% of the bitcoin trading volume occurred during the U.S. stock market opening hours.