Bitcoin market sentiment shifts as Asia turns from net buyers to net sellers

Definition

This metric shows the 30-day change in the regional price set during Asia, US, and EU working hours, i.e., between 8 am and 8 pm.

A thesis I have covered for a substantial amount of time is that Asia is the smart money of the Bitcoin ecosystem, but 2023 has put that thesis into question.
Asia purchased Bitcoin for many years when prices were suppressed, notably in May 2021 (China Ban) and May 2022 (Luna collapse).
Asia also offloaded Bitcoin during the peak of the 2021 bull run (January and November), while the West was a net purchaser.
Bitcoin is of great value in 2023 as a buyer; in terms of market and realized cap drawdown.
Asia has been a net seller in 2023; therefore, I believe the thesis is in question.