That classic investment move of selling high worked out well for bitcoin investors in the U.S. last year.
Bitcoin has taken investors on a roller-coaster ride this year, but powerful gains in 2020 appeared to have rewarded a lot of investors — notably in the U.S.
Most investors across the globe saw the biggest gains toward the end of the year, which makes sense as bitcoin prices surged in mid-October and accelerated into mid-December. Chainalysis has previously determined that long-term investors sold their cryptos to newer investors as process rose. Read: These two bitcoin bear market indicators may tell investors when cryptos will bounce back, says J.P. Morgan
“We then distribute those gains by country based on the share of web traffic each country accounts for on each exchange’s website,” said the team. “That analysis gives us a reasonable estimate for the realized gains bitcoin investors in each country earned in 2020, though it doesn’t account for gains on assets that have yet to be withdrawn from an exchange.”
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