According to Glassnode analysis, retail-led on-chain activity in the Asia-Pacific region is growing significantly faster than in the United States and the European Union. Since the low point of the December 2022 cycle, the supply of bitcoin in the Asia-Pacific region has increased by 6.4% year-on-year, while the United States and the European Union have decreased by 5.7% and 0.7% respectively during the same period, indicating that the demand for bitcoin from retail investors in the Asia-Pacific region continues to grow.