CryptoQuant CEO: For the next round of increases, the U.S. Bitcoin market is more important than the global offshore market

2024-06-12 12:24:00

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ChainCatcher news, CryptoQuant CEO Ki Young Ju posted on X that for the next round of price increase, the U.S. Bitcoin market is more important than the global offshore market.

Stablecoins are often seen as global offshore buyer liquidity, with their market capitalization growing, but the ratio relative to BTC and ETH market capitalization is declining. The same goes for freely circulating market capitalization and exchange reserves. Relying solely on stablecoins cannot drive the next market surge.

Coinbase holds a 46% share of the global BTC/USD spot market, and its influence is continuously rising, possibly driven by institutional brokerage services. The Korean won is the second-largest fiat currency by trading volume, but mainly consists of altcoins. Last month, 82% of Upbit's trading volume came from altcoins.

Additionally, the BTC/USD trading volume on Coinbase is five times that of the BTC/KRW trading volume on Upbit.

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