Bitcoin Is Flowing Into US Platforms: Why This Is Bullish

Bitcoin

Bitcoin Is Flowing Into US Platforms: Why This Is Bullish

On-chain data shows the US-based central entities have been increasing their Bitcoin share recently. Heres what this could mean for the asset.

Bitcoin US To The Rest Reserve Ratio Has Formed A Golden Cross

In a CryptoQuant Quicktake post, an analyst has talked about the latest trend in the Bitcoin US to The Rest Reserve Ratio. This indicator tells us, as its name already suggests, the ratio between the amount of the asset held by the American centralized platforms and that by the off-shore ones.

The metric takes into account for not just cryptocurrency exchange reserves, but also the coins involved with the likes of exchange-traded funds (ETFs). When its value rises, it means coins are transferring from other platforms into the US-based ones. On the other hand, it going down suggests foreign platforms are gaining dominance.

Now, here is the chart for the Bitcoin US to The Rest Reserve Ratio shared by the quant that shows the trend in its 20-day and 50-day exponential moving averages (EMAs) over the past year and a half:

Looks like the two lines have gone through a crossover in recent weeks || Source: Santiment on X

As is apparent from the chart, the resolute hands only move their aged coins during major bull run opportunities. These smart hands have recently been showing this trend for the third time this cycle. It now remains to be seen whether this rally will be as big as those other two instances.

BTC Price

Bitcoin has faced a small pullback as its price has come back down to the $109,300 mark.