On-chain data shows that US-based platforms have recently seen their bitcoin reserve dominance hit a new all-time high (ATH).
bitcoin Reserve Ratio Between US and Rest Has Soared Recently
As noted by CryptoQuant founder and CEO Ki Young Ju in a new <a target="_blank" href="https://x.com/ki_young_ju/status/1877160188945256820″ target=”_blank” rel=”noopener nofollow”>mail In x, US-based platforms have seen their bitcoin dominance grow recently.
The relevant on-chain indicator here is the “US to Rest Reserves Ratio,” which tracks the ratio between US platforms’ btc holdings and those of offshore platforms. 'Platforms' here include not only exchanges, but also other large entities such as spot exchange-traded funds (ETFs).
When the value of this metric goes down, it means that a transfer of coins from US to foreign platforms is occurring. On the other hand, its rise implies that US-based entities are gaining dominance.
Now, here is the chart shared by Young Ju showing the trend of the relationship between bitcoin US and the remaining reserve over the last decade:
<img decoding="async" class="alignnone aligncenter" src="https://technicalterrence.com/wp-content/uploads/2025/01/US-Bitcoin-Platforms-Set-New-Record-for-Global-Participation.jpeg" alt="bitcoin Reserve Ratio US and Rest” width=”4000″ height=”2250″/>
The value of the metric seems to have been riding an uptrend during the last couple of years | Source: <a target="_blank" href="https://x.com/ki_young_ju/status/1877160188945256820/photo/1" target="_blank" rel="noopener nofollow">@ki_young_ju on x
As shown in the chart above, the ratio of bitcoin US to the remaining reserve fell below 1 during the 2022 bear market, implying that US platforms held a smaller share of the btc supply than entities. extraterritorial.
The indicator continued to consolidate sideways around its lows throughout 2023, but towards the end of the year, the trend finally changed again, and this time the metric began to rise.
Then, 2024 caused the indicator to spike back above level 1 with a sharp rise. This trajectory of rapid increase was maintained throughout the year, except for an intermediate phase that coincided with the lateral movement of the btc price.
The reason behind this rotation of tokens into wallets associated with US-based platforms is partly due to the fact that spot ETFs were introduced in the US in early 2024 and have since been established as a popular alternative means of exposure to btc. price action.
Following the latest continuation of the surge, the bitcoin US Reserve Ratio has reached a new ATH corresponding to US entities holding 65% more btc than foreign ones.
In the current cycle, a growth in US dominance has proven to be bullish for the asset price so far, just as it was during the 2021 bull market. Therefore, the indicator may need to be watched in the near future. , as any further rise in it could also lead to positive price action for the cryptocurrency.
btc Price
bitcoin has only continued its recent bearish momentum over the past 24 hours as its price has now fallen to $92,700.
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Looks like the price of the coin has been sliding down over the last few days | Source: BTCUSDT on TradingView
Dall-E Featured Image, CryptoQuant.com, TradingView.com Chart
