CryptoQuant CEO Ki Young Ju has indicated in a new message that the American market must once again take the lead when it comes to the immediate future of the crypto market.

Young Ju told his 347,300 followers on social media platform X that the US Bitcoin market is “more important than offshore global markets for the next step up.” He continued with:

“Stablecoins are often seen as global offshore buy-side liquidity. Their market cap is growing, but the ratio to the market cap of BTC and ETH is decreasing. The same applies to freely floating market capitalizations and stock market reserves. Stablecoins alone cannot drive the next market surge.

Coinbase has a 46% dominance of the global BTC-USD spot markets, with increasing influence likely driven by institutional brokerage services.

KRW (South Korean Won) is the second largest fiat by trading volume, but especially so for altcoins. 82% of Upbit’s volume last month came from altcoins. Furthermore, the trading volume of BTC-USD on Coinbase was five times greater than that of BTC-KRW on Upbit.”

Earlier this week, Young Ju also came out with the statement that Bitcoin (BTC) is currently not overvalued from the perspective of network fundamentals. Young Ju cited BTC’s “thermocap ratio” as evidence.

Thermo cap represents the weighted sum of the coins mined based on the creation price, which indicates the total cost of investing in the Bitcoin network. The thermocap ratio is Bitcoin’s market cap divided by the thermocap, according to CryptoQuant’s CEO.


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