Matrixport: Most of Bitcoin's decline over the past month has occurred during Asian trading hours

Matrixport released a report saying that analysis of bitcoin's performance in different time zones shows that the majority of bitcoin's losses over the past 30 days have occurred during Asian trading sessions, accounting for -13% of the total decline of -15%. This trend may have been influenced by the dominance of Korean retail traders' market activity during these periods.
When analyzing retail activity, South Korea stands out in particular. The volume of Korean exchanges is closely tied to Bitcoin's annualized funding rate, which is a key indicator for determining the profitability and market movement of basis trading (spot and futures). Korean traders have played a key role in driving the surge in the counterfeit products market. Due to the lack of futures markets among Korean retail investors, their interest in counterfeit products has led to numerous leverage opportunities.