The chief executive of market insights firm CryptoQuant says that the US is regaining its dominance of Bitcoin (BTC) holdings.
In a new post on the social media platform X, Ki Young Ju says that the US recouping its BTC dominance is being driven 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 top crypto asset by market cap has conquered FUD (fear, uncertainty and doubt) this year when it absorbed numerous sell-off events without taking too much of a hit.
“Bitcoin won all FUD this year. The market absorbed Mt. Gox and German BTC selling with minimal impact, as data predicted.”
Bitcoin is trading for $64,505 at time of writing, an over 2% decrease during the last 24 hours.
Ju goes on to say that the early release of former Binance CEO Changpeng Zhao (CZ) from prison is giving off “bullish vibes” and could spark a marketwide rally.
“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 platform 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.
Generated Image: Midjourney