Analysis: Since the second half of October, Bitcoin returns have been primarily driven by the Asian session, while the European session has dragged down overall performance.

October 21 - Alex Thorn, Head of Research at Galaxy Research, posted that since the second half of October, Bitcoin returns have been primarily driven by the Asian trading session, while the European trading session has dragged down overall performance.

The chart he shared shows that as of October 20, calculated from October 1 as the starting point, Bitcoin's cumulative return during the Asian trading session was 3.9%, during the US trading session was 1.1%, and during the European trading session was -5.5%; over the same period, the buy-and-hold return throughout the day was -0.7%.