Time Zone Distribution

Time Zone Distributionとは

Time-zone distribution slices volume, returns or flows by UTC hour to identify how different geographic sessions — Asia, Europe, the United States — contribute to market activity.

指標の読み方

Crypto trades continuously but liquidity does not distribute evenly: depth during US equity hours is markedly better than in the Asian small hours, meaning an order of identical size has very different market impact depending on when it runs — which is the most practical use of this data, choosing execution timing. As for regularities like 'session X returns more', these are highly sensitive to the sample window, and session effects observed historically have repeatedly vanished afterwards, so they are poor trading premises. Since ETF listings, the US session carries even more of the price-setting weight.

この指標の位置づけ

Volume and market-structure metrics describe the size and distribution of trading activity. Methodologies differ sharply between venues (wash-trading filters, USD conversion), so confirm the accounting basis before comparing platforms side by side.

算出方法と注意点

Session boundaries need declaring before any statistic means anything. A common convention slices UTC 0-8 as Asia, 8-16 as Europe and 16-24 as the US, with daylight-saving shifts moving the real-world anchor points twice a year, a detail that quietly corrupts year-over-year comparisons if ignored. The robust statistics are structural rather than directional: volume share by session, average realised range and depth profiles, all of which are stable properties of market plumbing. Directional session effects, patterns of the Asia-sells-America-buys variety, should be treated as descriptive history with an expiry date, since documented effects have repeatedly inverted once popularised. One durable structural fact anchors the page: the CME gap phenomenon and the concentration of ETF-related flow have shifted realised volatility toward US hours since 2024, visible as a fattening of the US session's share of the daily range. Execution timing, not direction prediction, remains the defensible application of this dataset.

データ提供状況

The live chart for this metric is still being wired up. Global volume, venue share and perp-vs-spot pages already carry real data.