Analysis: In 2026, Bitcoin's gains were concentrated in the North American trading session, while the Asian trading session dragged down the overall performance

According to CoinDesk, Bitcoin briefly reached $96,000, accumulating nearly a 10% increase since 2026. This upward trend is primarily driven by strong performance during North American trading hours. According to Velo data, Bitcoin's cumulative return during North American hours is approximately 8%. In contrast, the European session recorded only about a 3% moderate increase, while the Asian trading session has been a drag on overall performance.

This trend is in stark contrast to the situation at the end of 2025. At that time, Bitcoin had cumulatively dropped as much as 20% during the North American trading session at the end of November, hitting a low of nearly $80,000. In the fourth quarter, there was often selling pressure on Bitcoin at the opening of the U.S. market, and the spot Bitcoin ETF faced outflows almost daily. Currently, the strongest returns occur shortly after the U.S. market opens, while this period has been the weakest for Bitcoin over the past six months.

The U.S. trading session does not necessarily represent the trading activity of U.S. investors, as the price performance during these hours reflects fluctuations on domestic trading platforms and overseas exchanges like Binance. Therefore, the strong returns during U.S. market hours may coexist with a negative premium on Coinbase, indicating that demand may come from global participants rather than domestic U.S. buyers.