Recent findings from Bloomberg indicate a notable shift in Bitcoin (BTC) liquidity towards US-based cryptocurrency exchanges, marking a significant alteration in market dynamics propelled by the approval of spot exchange-traded funds (ETFs) for the leading digital currency.

According to Kaiko data, American trading platforms have emerged as the primary focal point for BTC trading, responsible for nearly half of the buy and sell orders falling within a 2% range of BTC’s mid-price since the year’s commencement.

A handful of spot Bitcoin ETFs were released in the US on Jan. 11, including converting Grayscale BTC Trust into an ETF. This is a significant change in the economies of these transactions.

Bloomberg reports suggest that these spot Bitcoin ETFs in the US have brought in about $5 billion in investor funds, which has helped cause BTC’s value to rise over the past year.

US Platforms Dominate Bitcoin Trading and Market Depth in 2024

Interestingly, this year, the platforms completed around half of the total buy-sell orders within 2% of Bitcoin’s mid-price. Unlike 2023, which was ruled entirely by non-US platforms dominating the BTC market depth.

In addition, Kaiko data reports that the US dollar dominates by now, with over 57% of BTC trading occurring during US market hours, and before, it was only 48% in 2023.

BTCUSD 1-Day Chart

The price of Bitcoin has decreased by 3.2% during the last 24 hours. In just the last couple of weeks, the price of Bitcoin increased by over 20% and is now priced at $51,000. Analysts advise investors to closely monitor the inflows into spot Bitcoin ETFs, as price fluctuations may correspond with shifts in buying activity.

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