EddieJayonCrypto
26 Sep 24
On Sept. 26, CryptoQuant founder Ki Young Ju reported that America is regaining dominance in Bitcoin holdings, with the ratio compared to other countries rising due to spot ETF demand. The U.S. reserve ratio chart showed increasing holdings over the past year but not yet at 2024 BTC all-time high le...
On Sept. 26, CryptoQuant founder Ki Young Ju reported that America is regaining dominance in Bitcoin holdings, with the ratio compared to other countries rising due to spot ETF demand. The U.S. reserve ratio chart showed increasing holdings over the past year but not yet at 2024 BTC all-time high levels. In a separate post, he also reported a rebound in spot Bitcoin ETF demand, with a positive 30-day net change in total holdings. On Sept. 25, aggregate inflows totaled $106 million, with BlackRock's IBIT dominating. However, outflows occurred from Fidelity's FBTC and Ark's ARKB funds. Veteran trader Peter Brandt observed that Bitcoin needs to break above July's highs to change its sequence of lower highs and lower lows. At the time of writing, Bitcoin was trading down 1.1% at $63,520, having been rejected at resistance at $64,500 and bouncing off support at $62,850. The wider crypto market had declined 2.1% in terms of total capitalization.