U.S. Bitcoin Holdings on the Rise Amid ETF Demand – CryptoQuant

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.