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.
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.
Veteran Bloomberg Intelligence strategist Mike McGlone has reiterated his bearish stance on Bitcoin, adding Dogecoin (DOGE) to the list of assets showing signs of weakness.
Bitcoin’s recent dip below $100,000 might feel discouraging, especially after soaring to $109,000 earlier this year.
Bitcoin’s ownership landscape has shifted, with two institutions—BlackRock and MicroStrategy—now jointly holding more BTC than Bitcoin’s mysterious creator, Satoshi Nakamoto.
Bitcoin (BTC) managed to surge past the price mark of $89,000, as investors flock to the cryptocurrency amidst traditional market turbulence and increasing political uncertainties.