Bitcoin's Shifting Trading Patterns: A New Bull Case from North American Hours

The global Bitcoin market has entered a new phase of geographic and institutional dynamics, with North American trading sessions emerging as a critical driver of price action and liquidity. After years of Asian markets dominating Bitcoin's price discovery and institutional demand, Q4 2025 marked a pivotal reversal. This shift, fueled by regulatory clarity, ETF inflows, and evolving liquidity strategies, positions U.S. market hours as the next catalyst for Bitcoin's bull case.

Geographic Rebalancing: From Asia to North America

Bitcoin's trading patterns have historically been shaped by Asian liquidity, particularly during Tokyo, Singapore, and Hong Kong trading hours. In late 2025, Asian sessions absorbed most of the buying pressure, stabilizing Bitcoin amid U.S.-driven sell-offs. Data from Velo and Ted Pillows highlighted that Asian markets contributed to cumulative positive returns, while North American sessions struggled with spot ETF outflows and weak institutional participation.

However, this dynamic began to unravel in early 2026. By January 13, 2026, U.S. Bitcoin ETFs recorded a $750 million net inflow-the largest in three months-driven by Bitcoin's price surge above $95,000 and institutional rotation into risk assets post-year-end rebalancing. Fidelity's FBTC led the charge, followed by Bitwise's BITB and BlackRock's IBIT, signaling a structural shift in demand timing. This reversal contrasts sharply with late 2025, when U.S. spot ETFs faced $1.1 billion in outflows due to portfolio adjustments and year-end caution.

Institutional Demand: ETFs and Corporate Treasuries

The institutional adoption of Bitcoin in North America has accelerated, underpinned by regulatory clarity and infrastructure maturation. The SEC's 2024 approval of spot Bitcoin ETFs catalyzed a surge in assets under management (AUM), with BlackRock's IBIT alone reaching $100 billion by late 2025. This regulatory endorsement, combined with the Trump administration's pro-crypto policies, solidified Bitcoin's legitimacy as an institutional asset class.

Corporate treasuries further amplified this trend. Companies like MicroStrategy added over 687,400 BTC to their reserves by year-end 2025, treating Bitcoin as a strategic reserve asset. Meanwhile, Asian institutional demand remained focused on yield generation through Bitcoin lending and options strategies, reflecting a more fragmented and less mature market structure.

Global Liquidity Providers: Strategies and Constraints

Global liquidity providers (LQPs) have adapted to the shifting dynamics, deploying advanced strategies to capitalize on Bitcoin's price volatility. In North America, call overwriting and staking options gained traction as yield-generating tools, particularly as volatility remained low. Platforms like Starknet enabled DeFi-based staking of wrapped Bitcoin, expanding institutional access to yield streams.

Conversely, Asian markets faced structural constraints in Bitcoin lending, with two dominant players controlling the lending landscape. While short-term loan yields compressed to 1.5–4%, the lack of diversification left Asian liquidity vulnerable during the Q4 2025 sell-off, which became one of the largest liquidation events in crypto history. This fragility underscores the growing advantage of North American liquidity providers, who now leverage more robust and diversified strategies.

Why North American Hours Matter for the Bull Case

The confluence of regulatory tailwinds, institutional inflows, and liquidity innovation positions U.S. market hours as the new epicenter of Bitcoin's bull case. Three factors justify this thesis:
1. ETF Momentum: The January 2026 inflow reversal demonstrates institutional confidence in Bitcoin as a regulated asset, with ETFs acting as a conduit for mainstream capital.
2. Corporate Adoption: Treasuries and institutional investors are increasingly treating Bitcoin as a strategic reserve, mirroring gold's role in traditional portfolios.
3. Liquidity Resilience: North American LQPs have diversified their strategies, reducing reliance on volatile Asian liquidity and enhancing Bitcoin's price stability during U.S. trading hours.

Conclusion

Bitcoin's geographic and institutional dynamics have entered a new era. While Asian markets once dominated Bitcoin's price action, North American sessions now offer a clearer path for sustained institutional demand and liquidity. Investors positioning for Bitcoin's next move should prioritize U.S. market hours, where regulatory clarity, ETF inflows, and corporate adoption converge to form a robust bull case.