Analysis: The majority of Bitcoin's gains in 2026 are concentrated during North American trading hours, while the Asian trading session drags down overall performance.

On January 14, according to CoinDesk, Bitcoin briefly reached $96,000, with a total increase of nearly 10% since 2026. This upward trend was mainly driven by strong performance during North American trading hours. According to Velo data, Bitcoin’s cumulative return during North American hours was approximately 8%. In contrast, European trading hours saw only a mild increase of about 3%, while Asian trading hours dragged down the overall performance. This trend is the opposite of the situation at the end of 2025. At that time, Bitcoin had fallen as much as 20% during North American trading hours in late November, touching a low of nearly $80,000. In the fourth quarter, Bitcoin often faced selling pressure when the US market opened, and spot Bitcoin ETFs almost daily experienced outflows. Currently, the strongest returns occur shortly after the US market opens, but over the past six months, this period has been the weakest for Bitcoin performance. The US trading hours do not necessarily reflect the trading activity of US investors, as the price movements during these periods also reflect gains and losses on domestic trading platforms and overseas exchanges like CEX. Therefore, the strong gains during US market hours may coexist with CEX’s negative premium, indicating that demand may come from global participants rather than domestic US buyers.