CryptoQuant CEO: US Bitcoin market more important than offshore global markets for next rally

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Cointime2024/06/12 01:07

By:Cointime

CryptoQuant CEO Ki Young Ju stated that for the next round of price increases, the US Bitcoin market is more important than the offshore global market. Stablecoins are usually seen as global offshore buyer liquidity. Their market value is increasing, but the ratio to the market value of BTC and ETH is decreasing. This is also true for free-floating market value and foreign 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 constantly increasing, possibly driven by institutional brokerage services. The Korean won is the second largest fiat currency in terms of trading volume, but mainly for altcoins. Last month, 82% of Upbit's trading volume came from altcoins. In addition, the BTC/USD trading volume on Coinbase is five times that of the BTC/KRW trading volume on Upbit.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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