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Bitcoin

Bitcoin Is Flowing Into US Platforms: Here’s What Happened Last Time

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows the American exchanges are observing a rise in their Bitcoin dominance. Here’s what happened the last two times this trend appeared.

Bitcoin Is Moving From Global Platforms To US-Based Ones

In a new post on X, CryptoQuant founder and CEO Ki Young Ju has discussed a trend that has been emerging in a Bitcoin indicator recently. The metric in question is the ratio between the BTC reserve of US-based platforms and off-shore ones.

Related Reading: Bitcoin On Verge Of Extreme Greed: What This Means For Price

“Platforms” here not only include the exchanges, but also the spot exchange-traded funds (ETFs), which were only approved to operate in the US in January of this year.

When the value of this ratio goes up, it means the US-based platforms are seeing their reserve go up relative to the off-shore ones. Such a trend could suggest interest is shifting from the latter platforms to the former ones.

On the other hand, the metric registering a decline implies the cryptocurrency may be going through a transfer from US exchanges and spot ETFs to foreign platforms.

Now, here is a chart that shows the trend in this Bitcoin indicator over the past decade:

Bitcoin US To Rest Reserve Ratio

The value of the metric appears to have observed a sharp increase recently | Source: @ki_young_ju on X

As displayed in the above graph, this ratio had plunged to relatively low values during the 2022 bear market and the 2023 recovery, but this year, the indicator’s value has observed a sharp increase.

This would imply that off-shore platforms have seen a notable reduction in their dominance. A major driver for this trend is likely to be the popularity the US spot ETFs have found since their launch.

From the chart, it’s visible that a similar pattern was also observed in the leadup to the 2021 bull run. Global exchanges dominated during the bear market and the recovery phase that followed, but then a shift towards American platforms occurred, which paved the way for the price rally.

The dominance of US-based exchanges had also shot up in the buildup of the 2017 bull run, so it would appear that BTC goes through bullish periods when interest in American platforms is more than for those in the rest of the world.

Related Reading: Bitcoin Open Interest Rockets Up After $69,000 Rally: Brace For Impact?

As the ratio has once again been forming this pattern recently, it’s possible that the cryptocurrency could be heading towards another major bull run. It now remains to be seen whether the trend will repeat or not.

In some other news, a large number of long investors have met liquidation in the derivatives sector during the last 24 hours, as Bitcoin and other coins have gone through drawdowns.

Bitcoin Liquidations

The data for the mass liquidation event that has occurred in the crypto market during the past day | Source: CoinGlass

As is visible above, around $173 million in cryptocurrency-related contracts have been liquidated in this window, of which over $148 million were long positions.

BTC Price

Bitcoin had briefly slipped under the $66,000 level during its latest plunge, but the asset has since seen some minor recovery to $66,600.

Bitcoin Price Chart

Looks like the price of the coin has seen a sharp plunge over the past day | Source: BTCUSD on TradingView
Featured image from Dall-E, CryptoQuant.com, CoinGlass.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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