US Inches Closer To Reclaiming Bitcoin Leadership Driven By Growing Spot ETF Demand, Analyst Reports
Posted On September 26, 2024
Ki Young Ju, a prominent cryptocurrency analyst, drew attention to the U.S. regaining its supremacy in Bitcoin (CRYPTO: BTC) holdings, with the rise attributed to spot exchange-traded funds (ETFs) demand.
What Happened: On Tuesday, Ki Young Ju took to X to highlight the growing U.S To The Rest Reserve Ratio, a metric developed by his blockchain analytics firm CryptoQuant.
“The U.S. is regaining dominance in Bitcoin holdings. Its ratio compared to other countries is rising, driven by spot ETF demand,” Young Ju stated.
The ratio, which tracked known entities in the U.S. like exchanges, banks, and investment funds, against non-U.S. entities, rose from 1.35 beginning July to 1.43 as of Sept. 25.
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