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Cryptocurrency News Articles
CryptoQuant CEO: US Is Regaining Its Dominance of Bitcoin (BTC) Holdings
Oct 01, 2024 at 04:00 am
The chief executive of market insights firm CryptoQuant says that the US is regaining its dominance of Bitcoin (BTC) holdings.
CryptoQuant CEO sees US regaining its dominance in Bitcoin (BTC) holdings
A top cryptoQuant executive says that the United States is once again becoming the dominant holder of Bitcoin (BTC) relative to other countries.
In a new post on the social media platform X, Ki Young Ju notes that the US’s rising BTC dominance is being fueled by demand for spot market exchange-traded funds (ETFs).
“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.”
According to Ju, the flagship crypto asset has weathered fear, uncertainty and doubt (FUD) this year by absorbing multiple sell-off events without suffering a significant downturn.
“Bitcoin won all FUD this year. The market absorbed Mt. Gox and German BTC selling with minimal impact, as data predicted.”
Bitcoin is trading at $64,505 at time of writing, down over 2% in the last 24 hours.
Ju adds that former Binance CEO Changpeng Zhao’s (CZ) early release from prison is generating “bullish vibes” that could spark a rally in the crypto markets.
“CZ is getting out early today – bullish vibes everywhere. Not sure why, but I’m feeling it too. He just needs to post ‘I’m back’ and the market will skyrocket.”
Zhao, who founded the world’s largest crypto exchange by volume in 2017, was sentenced to prison earlier this year in May after he pleaded guilty to violations related to the anti-money laundering requirements of the Bank Secrecy Act.
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