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Alex Thorn, research director at Galaxy Research, stated that since the second half of October, Bitcoin returns have mainly been driven by the Asian trading session, while the European trading session has dragged down overall performance. As of October 20th, the cumulative return of Bitcoin during the Asian trading session was 3.9%, the US trading session was 1.1%, and the European trading session was -5.5%. The buy and hold return for the entire day was -0.7%.