Which region sparked the selloff today?

TLDR

Asia led todays crypto selloff, with selling concentrated during the Asia session while US hours later showed net buying that softened declines.

1. Asia carried most selling pressure per session data reported by Velo, summarized in a market note that said Asia remains the primary source of selling pressure.
2. US traders turned net buyers later, which helped ease downside into their session.

Deep Dive

1. Asia Session Selling

The days drawdown began in Asia, where session-based flows showed sustained net selling and set the tone for the handover into Europe. A recent analysis highlighted that Asia has been the dominant source of selling pressure this period, while the US flipped to net buying later in the week, as noted on the page above.

A separate complication hit risk markets during Asia hours when a CME outage occurred during the low-volume Asia session, temporarily disrupting futures trading across assets and adding uncertainty to intraday positioning.

2. US And Europe Stabilization

US hours showed net buying, moderating the earlier slide, consistent with recent session charts and commentary that the regional bias has shifted back toward US accumulation after the selloff started. Europe was mixed, with price action largely following Asias impulse before the US bid appeared.

Macro headlines around US data and institutional flows have contributed to choppy conditions this week, but the regional attribution for today points to Asias early selling as the primary spark, with the US stabilizing impact arriving later.

Conclusion

Todays selloff was sparked in Asia, then partially countered by US buying later in the day. For intraday strategy, watch the Asia open and the Asia-to-Europe handover for early direction, and reassess into US hours for potential stabilization or continuation depending on session flows.