Lunar New Year has become a global celebration and a surprisingly positive period for Bitcoin (BTC) and crypto — replete with modernizing the hongbao (financial gifts in red envelopes), memecoins bearing the year’s zodiac animal and increased trading activities in Asian hours.
So far, 2025 appears to be following the trend. Ahead of Jan. 29, crypto exchanges are rewarding users with so-called digital red packets, while serpent-themed memecoins are dominating the chains. And, right on time, Bitcoin trading activity has begun tipping to Asian trading hours.
Bitcoin’s trading volume was heavily skewed toward Western trading hours in the week of Jan. 14, which accounted for 56.15% of activity, compared to 43.85% during Eastern trading hours, IntoTheBlock data shows.
In the following seven days, Eastern trading volume jumped to 46.45%, with Western hours slipping to 53.54%. The split was nearly even on the final day of the period — 49.55% for the East and 50.45% for the West.
Bitcoin trading volumes in East and West even out heading into the Lunar New Year. Source: IntoTheBlock
Bitcoin’s Lunar New Year streak
The surge in Eastern trading volume leading up to the Lunar New Year echoes a long-standing pattern identified by digital assets service firm Matrixport.
Historically, January is Bitcoin’s second-worst month, as it’s down an average of 1% over the past decade, second only to September’s 3% drop.
By contrast, February’s average 14% gain trails only October’s 23% — a performance so reliable that the crypto community has dubbed the month “Uptober.”
Bitcoin’s success rate throughout Lunar New Years. Source: Matrixport
Lunar New Year dates vary yearly but generally fall in late January or early February. According to Matrixport, Bitcoin’s track record during this festive period is one of its most consistent. In the 10 days before and after Lunar New Year, the world’s largest cryptocurrency by market capitalization has logged an average gain of 21.1%.
In its report, Matrixport said:
“Bitcoin has delivered positive returns during the Chinese New Year in 11 of the past 12 years, resulting in a statistically impressive 83% success rate for generating gains during this period.”
On Jan. 27, Bitcoin fell below $100,000 for the first time since US President Donald Trump was elected. Chinese AI app DeepSeek rapidly rose to the top of Apple’s App Store rankings, which rattled investors and intensified fears of an AI arms race between the world’s top economies. Bitcoin has since bounced back above the six-digit mark, just a day before the Lunar New Year.
Memecoins riding the zodiac wave
The 2024 calendar opened with a major milestone for cryptocurrency, as the US Securities and Exchange Commission approved spot Bitcoin exchange-traded funds (ETFs) for the first time. The landmark decision signaled a new level of institutional acceptance for digital assets on American soil.
By 2025, however, the spotlight had shifted to a flood of memecoins — fueled in part by Trump’s own crypto ventures. The president launched his own memecoin, followed by the First Lady’s token.
Related: US CBDC ‘is dead’ under Trump, but stablecoins could be set to explode
Meanwhile, the Lunar New Year brought on its own wave of speculative mania tied to the Year of the Snake, the sixth of 12 animals portrayed in the Chinese zodiac cycle. Several snake-themed tokens have hit the market, aimed at investors or, in some cases, unwitting victims.
Snake-themed tokens slither into Solana markets. Source: Birdseye
One notable Solana-based token, “The Year of the Snake,” briefly reached a $1.7 million market cap before tumbling below $1 million. Another Ethereum-based offering called “Chinese New Year” dominated Dextool’s rankings on Jan. 28, soaring a ridiculous 119,194%, peaking at $7 million in market cap.
Bitcoin and crypto red packets modernize Lunar New Year traditions
Gifting money during Lunar New Year is a long-standing tradition across East Asia, symbolizing respect, prosperity and good fortune.
In South Korea’s Seollal celebration, younger generations perform a formal bow, known as jeol, to honor their elders. In return, they receive crisp bills, often presented in envelopes.
In China, money is gifted in red envelopes, with the color representing luck and prosperity. This deeply rooted tradition has adapted to the digital age.
The Chinese government has embraced the concept of digital red packets, leveraging its central bank digital currency (CBDC) to modernize the practice. Despite Beijing’s anti-crypto stance, it has airdropped digital yuan red packets to promote the adoption of its CBDC, considered one of the most advanced digital fiats globally.
Corporations have also capitalized on the tradition. Crypto exchanges like Crypto.com are distributing Bitcoin in digital red packets to users during this Lunar New Year season.
Magazine: Big moves expected for crypto in Asia in 2025: Asia Express