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