RMMPC stands for Regional Month-over-Month Price Change.
Glassnode uses RMMPC to break down BTC price movements across major regional trading sessions, including the U.S., European, and Asian markets. The regional price series are calculated based on cumulative price changes occurring during the working hours of each region.
Simply put:
RMMPC does not directly measure how much BTC each region is buying. Instead, it shows how different regional trading sessions are contributing to BTC price movements.
Murphy has previously used RMMPC curves for the U.S. and Asian regions as one indicator for assessing which regional markets are driving BTC price action. In his interpretation, when one regional curve is significantly stronger than others, it may indicate that trading activity during that region’s session is having a greater influence on recent BTC price behavior.
Therefore, RMMPC is better suited to answering one question:
Which regional trading session has been contributing most to the latest BTC price movement?
Why Does the Reversal Between the U.S. and Asian Curves Matter?
In his latest view published on September 20, 2026, Murphy highlighted the potential reversal between the U.S. and Asian RMMPC curves during BTC’s rally.
His core observation is:
If the U.S. Regional momentum weakens while Asian regional momentum strengthens, the main driver of recent BTC price appreciation may be shifting from the U.S. trading session toward the Asian trading session.
However, there is an important distinction:
A change in regional price influence does not mean that a particular region is “massively buying BTC.”
Glassnode’s regional price indicators are constructed from price changes during the working hours of different regions. Therefore, RMMPC can help identify regional influence on price, but it cannot by itself confirm the amount of capital involved, the source of that capital, or investors’ intentions.
This is an important point when interpreting on-chain and market-structure indicators.
Does a Shift from the U.S. to Asian Leadership Mean BTC Will Fall?
Not necessarily.
Murphy also emphasized that RMMPC should not be interpreted purely through a short-term bullish or bearish lens, because short-term fluctuations and long-term trends are not the same thing.
If the U.S. curve weakens while the Asian curve strengthens, it primarily indicates that:
The regional contribution to BTC’s price formation is changing.
What happens next still requires additional data.
For example:
BTC spot price structure
ETF flows
Stablecoin liquidity
Exchange flows
Trading volume
Perpetual funding rates
Short-term holder cost basis
U.S. risk appetite
Recent Glassnode market reports have also emphasized that BTC market conditions should be evaluated using a combination of capital flows, derivatives, on-chain activity, and macroeconomic factors rather than a single indicator.
Therefore, RMMPC is better viewed as part of a broader market-analysis framework.
KTX Crypto Insight: Who Is Actually Driving the BTC Rally?
For traders, the most useful aspect of RMMPC is not telling you whether to go long or short. Instead, it helps answer:
How is the underlying market momentum behind BTC changing?
For example, if BTC continues rising while regional price influences from the U.S. and Asia remains broad-based, and ETF flows, trading volume, and on-chain capital inflows also improve. The market structure may be different from a rally driven primarily by a single trading session.
Conversely, if BTC continues rising while the move is increasingly concentrated in one regional session and other capital-flow indicators weaken, the sustainability of the rally may deserve closer attention.
Users can check real-time BTC, ETH, and other market movements through the KTX Market and combine price action with market sentiment, futures open interest, liquidations, and other market data.
For users who want to explore the market further, the KTX official website provides access to spot, USDT perpetuals, and other trading products.
FAQ
What does RMMPC mean?
RMMPC stands for Regional Month-over-Month Price Change. It is used to observe BTC price changes across different regional trading sessions.
Does RMMPC show how much money a specific region invested in BTC?
No. It primarily reflects price changes during regional trading hours and cannot independently confirm the actual amount of capital flowing into BTC from a particular region.
What does a reversal between the U.S. and Asian RMMPC curves mean?
According to Murphy’s interpretation, it may indicate that the regional drivers of recent BTC price movements are shifting, for example from the U.S. trading session toward the Asian trading session.
Does stronger Asian regional momentum mean BTC will definitely rise?
No. RMMPC is a market-structure indicator and should be considered alongside price action, capital flows, ETF flows, trading volume, and macroeconomic conditions.
Is RMMPC suitable for short-term trading?
It is better used as a supplementary indicator for understanding market structure and regional price influence rather than as a standalone buy or sell signal.
Conclusion
Murphy’s main point is not simply that “Asian capital is coming in, so BTC will rise.”
The more important observation is:
BTC is rising, while the regional drivers behind that price movement are changing.
RMMPC provides another perspective beyond price itself by showing which regional trading sessions are contributing to BTC’s price movement.
If the U.S. and Asian curves continue to reverse, this can be viewed as an indicator of changing regional market influence, but it should not be used alone to predict BTC’s next move.
For the current market, it is more useful to monitor:
When multiple indicators move in the same direction, they can provide a more complete picture of market conditions than any single metric.
Original Post
During a price rally, the last thing I want to see is this — the U.S. RMMPC (blue line) and Asian RMMPC (red line) curves showing a reversal in momentum.
This suggests that the main driver behind the current BTC price increase is shifting from the U.S. traders to Asian traders. Although Asian market participants do occasionally have their moments.
But for some reason, I don't feel comfortable seeing the “big brother” unexpectedly absent while everyone is celebrating. It makes me feel a little less secure 🤣🤣🤣
(P.S. Don't interpret this through a short-term long/short perspective, because short-term fluctuations do not necessarily affect the broader trend.)
Original author: Murphy
X account: @Murphychen888
Published: September 20, 2026
Risk Disclaimer: Cryptocurrency markets are highly volatile. This content is for informational and educational purposes only and does not constitute financial or investment advice. RMMPC and other on-chain or market indicators have methodological and interpretive limitations and should not be used as standalone trading signals. Leveraged and derivative products may also involve margin requirements and liquidation risks.
