Definition. The estimated year-over-year change in the share of Bitcoin supply held or traded in Asia.

Technical. Geolocation of supply 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 probability that each entity is 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)
• 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 values mean Asia's attributed share of supply is expanding relative to a year ago, negative values that it is contracting.