Bitcoin Trading Led by U.S. Market… Accounts for 53% of Volume

In 2024, it appears that the United States has regained its dominance in the virtual asset (cryptocurrency) market. This is attributed to the election of Republican candidate Donald Trump and the introduction of cryptocurrency spot Exchange-Traded Funds (ETFs).

On the 24th (local time), Bloomberg reported, citing Kaiko data, that the proportion of Bitcoin-Dollar trading during U.S. hours rose to 53%. Thomas Erdős, head of product at CF Benchmarks, explained, "This is due to the surge in institutional demand for Bitcoin within the United States."

The surge in institutional demand in the U.S. is attributed to President-elect Trump's support for virtual assets. Trump has stated before his election, "I will make America the capital of virtual assets," and "I am the Bitcoin President," and recently declared, "I will make America a central country for virtual assets and blockchain."

Additionally, the Bitcoin spot ETF, which began trading earlier this year, also attracted institutional participation. Approximately $35.87 billion (about 52 trillion won) has flowed into Bitcoin spot ETFs so far.

Bloomberg assessed, "The liquidity of the virtual asset market has recovered to the level before the bankruptcy of FTX and Alameda Research in 2022," and added, "Optimism from the spot ETF and Trump's election has helped."