Does America wake up and dump every morning (Analysis)

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Does America wake up and dump every morning (Analysis)

Does America wake up and dump every morning (Analysis)

If you frequent the Daily Discussion like I do (hi friends), you will be familiar with the regular comments about America waking up and dumping, or some other country/continent pumping/dumping at some point or other. It got me thinking…is there any truth to this?

I took around 30,000 hourly closes of Bitcoin (around 3.5 year's worth from mid 2017 to end 2020), calculated the average price, and plotted them on a simple line chart:

https://preview.redd.it/qguhvuyumkp61.png?width=600&format=png&auto=webp&s=cfe4f30438044dcb4662d5cd4c25bf1fee68d107

Do you see what I see? Well, yes, nothing. The raw data ranges from $7858 (9am UTC) to $7887 (10pm UTC). If I zoom the chart right in, there is a bit of a pattern, but not one worth doing much with bearing in mind the spread is around 0.3% of the price.

https://preview.redd.it/qiiz5oiqnkp61.png?width=600&format=png&auto=webp&s=e2be9266f2084bad12fdc14d9d97dbac679cfbbd

TLDR; Nobody wakes up and dumps.

EDIT: Someone asked about volume so I'm adding that in too as I had the data still. As you can see, there is a bit of a lift between about 9AM and 6PM UTC – but this doesn't really support the dump theory

https://preview.redd.it/fjba73imqkp61.png?width=600&format=png&auto=webp&s=f508d10cda6ca7912857f00abbca518e48e718e4

submitted by /u/markcorrigans_boiler
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