The Bitcoin network’s on-chain activity still appears to be in a bear market as U.S. and E.U. buyers are struggling to stay ahead of sellers based in Asia.

Blockchain analytics firm Glassnode’s latest report on the weekly activity of the Bitcoin (BTC) network shows that the price of the largest crypto by market cap has stayed firmly within the same tight $5,000 range from $37,680 to $42,312. However, on March 22 the asset saw a sudden spike in price which elevated prices to a two-week high.

Overall, the network is in a demonstrable lull according to Glassnode’s weekly review:

“Bitcoin network utilization and on-chain activity remains firmly within bear market territory, albeit is recovering.”

The research concluded that there is a distinct difference in the behavior of the average BTC investor based on their geography. Notably, U.S. and E.U.-based investors have tended to be buyers, whereas Asian investors have tended to be sellers. This tendency has remained consistent since March 2020 with the exception of last November when both sides were buying heavily.

Specifically, Glassnode researcher and report writer “Checkmate” pointed out that U.S. and E.U. investors have offered general bid support for the past two years with heavy buying between late 2020 and early 2021, while “both regions capitulated throughout May-July.” E.U. buyers are currently providing the largest amount of support.

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