According to a new report from CryptoQuant, Bitcoin's latest price recovery is being fueled by aggressive demand from Asian markets, while participation from U.S. investors remains notably subdued. Bitcoin is currently trading around $68,800, marking a 7% increase over the past 24 hours after bouncing from a low near $63,000.
On-chain data reveals significant accumulation activity. Over the past day, 2,205 BTC were withdrawn from Binance, a figure more than three times the 30-day daily average inflow of +696 BTC. Such exchange outflows typically signal accumulation, as coins removed from trading platforms reduce immediate sell-side liquidity, suggesting buyers are taking Bitcoin off the market for the long term.
This accumulation phase follows a brutal -28.8% correction from a high of $89,121 down to $63,000, a decline largely driven by whale selling. Over the past 30 days, whales deposited approximately $8.74 billion worth of BTC to Binance, contributing to the price drop. The current dynamic indicates a shift, with buyers now absorbing that supply.
The regional demand imbalance is stark. The Korea Premium—the price difference on Korean exchanges—currently sits at 2.06, meaning Bitcoin is trading about 2% higher in Korea compared to global averages. This historically signals strong retail and trader demand in Asia. In contrast, the Coinbase Premium remains slightly negative at -0.05, indicating relatively weak spot demand from U.S. investors.
Despite muted U.S. retail activity, institutional interest persists. U.S. spot Bitcoin ETFs recorded $258 million in inflows, suggesting institutional buyers are engaging. The combination of whale withdrawals, ETF inflows, and strong Korean demand points to a rally with tangible backing, rather than one driven solely by derivatives momentum.
Analysts caution that while the move from $63K to $68K is supported by real accumulation, it does not yet confirm a full structural reversal. The broader technical picture still reflects a correction phase. If U.S. buyers begin to participate more aggressively alongside sustained Asian demand, the current recovery could accelerate significantly.
