Definition. EU Year-over-Year Supply Change is an estimate of the year-over-year change in the share of Bitcoin supply held or traded in Europe.

Technical. Geolocation is performed probabilistically at the entity level. The timestamps of all transactions created by an entity are correlated with the working hours of different geographical regions to determine the probabilities for each entity being located in the US, Europe, or Asia. Working hours are defined as US 8am to 8pm Eastern Time (13:00-01:00 UTC), EU 8am to 8pm Central European Time (07:00-19:00 UTC), and Asia 8am to 8pm China Standard Time (00:00-12:00 UTC). An entity's balance contributes to a region's supply only when its location can be determined with high certainty. Supply held on exchange wallets is excluded.

Interpretation. Positive readings mean the EU-attributed share of supply is expanding versus a year ago, negative readings that it is contracting.