Interesting to see Malta and Antigua on that list. Both countries are big in the online gambling industry so I assume there is a correlation between HODlers having a tech-savvy work force and lots of cash circulating in that workforce.
Do you have any links to those studies.
Thanks for commenting @Wesleyd777
Yes you are correct their may be circulation of cash during crypto transactions and that may impact the future of Crypto. I will definitely share the links if I came across!!