Chinese New Year has now become a global celebration and a lucrative period for Bitcoin and crypto assets. The tradition of angpao (gifts in red envelopes) has gone digital, the emergence of memecoins themed after the year’s zodiac, and increased trading activity during Asian market hours are hallmarks of the occasion.
A similar trend is seen again in 2025. In celebration of the Chinese New Year, various crypto exchanges are giving away digital angpao to users. Meanwhile, snake-themed memecoins, which correspond to this year’s zodiac, are dominating the blockchain. In line with this, Bitcoin trading volume has begun to shift to Asian market hours.
In the week of January 14, trading volume of $BTC occurred more during Western market hours (56.15%) than Eastern market hours (43.85%), according to data from IntoTheBlock. However, in the following seven days, trading volume during Eastern market hours increased to 46.45%, while Western market hours dropped to 53.54%. On the last day of the period, the trading proportions were almost balanced: 49.55% in the East and 50.45% in the West.
Quoting Cointelegraph, Wednesday (1/29/2025), the increase in trading volume during Eastern market hours ahead of the Chinese New Year follows a pattern that has long been observed by digital asset service company Matrixport. Historically, January is the second worst month for Bitcoin, with an average decline of 1% in the past decade, only better than September which fell 3%.
In contrast, February was the month with an average increase of 14%, only losing to October which recorded a 23% spike. This pattern is so consistent that the crypto community calls October "Uptober" (a combination of the words up and October).
