Throughout the recent rally of bitcoin, one of the questions we have been consistently asked by investors is: who is driving the market? To answer this question, we looked at cumulative price returns during the hours that North America, Europe, and Asia are typically trading. The results of our analysis show that since 2020 and through the beginning of 2021, positive returns have been greatest during the trading hours most associated with North America. This matches with the price premium we have seen for bitcoin traded on US-based spot exchanges over bitcoin traded on exchanges based in Asia. It also aligns squarely with our direct experience that North America based institutions, family offices, and high net worth individuals are the investors spurring on the rally in bitcoin.