U.S. Bitcoin Holdings on the Rise Amid ETF Demand – CryptoQuant
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Ki Yong Ju, CEO of market analytics company CryptoQuant, recently highlighted that the US is regaining its dominant position in terms of Bitcoin (BTC) holdings.
In a post on Platform X, Zhu noted that the U.S.’s share of Bitcoin holdings is increasing compared to other countries due to the interest in ETFs from high-profile individuals.
The 🇺🇸U.S. is regaining dominance in #Bitcoin holdings. Its ratio compared to other countries is rising, driven by spot ETF demand. Only known entities are included. pic.twitter.com/a9XOb5134E
— Ki Young Ju (@ki_young_ju) September 26, 2024
Ju also pointed out that Bitcoin has effectively gone through significant FUD (fear, uncertainty and doubt) in 2023. Despite the sell-off concerns related to Mt. Gox and German BTC holdings, Bitcoin appears to have remained stable, with minimal impact on the market as expected from the data.
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According to him, the early release of former Binance CEO Changpen Zhao from prison is creating a bullish sentiment in the market. He speculates that Zhao’s return could potentially spark a market-wide rally, especially if he publicly signals his return to the crypto space.
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