Bitcoin Price Forecast: US Recaptures BTC Dominance Amid Rising ETF Demand
Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...
Bitcoin (BTC) is trading bearishly around the $60,700 mark. This dip follows comments from Federal Reserve Chair Jerome Powell, who indicated that upcoming interest rate cuts may not be as aggressive as anticipated following the recent 50-basis-point reduction.
However, BTC’s losses may be short-lived, as rising demand for spot ETFs is boosting U.S. Bitcoin holdings. Additionally, the early release of CZ has sparked optimism for a potential market-wide rally.
On a positive note, the U.S. is regaining its dominance in Bitcoin (BTC) holdings, according to Ki Young Ju, CEO of CryptoQuant. This resurgence is primarily driven by a growing demand for spot exchange-traded funds (ETFs) linked to Bitcoin.
Ju highlights that the U.S. now holds a larger proportion of Bitcoin compared to other countries, with participation largely limited to established entities.
Moreover, Bitcoin has demonstrated remarkable resilience this year, successfully navigating significant market challenges, including the Mt. Gox incident and substantial sales from Germany, without facing major price drops.
The
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