Thanks to Trump's re-election as president and the continuous expansion of demand for digital asset funds and derivative contracts in the United States, the focus of the cryptocurrency market has returned to the U.S.

Kaiko's data shows that the proportion of dollar-denominated Bitcoin daily trading during U.S. hours has risen from 40% in 2021 to about 53%. The data also indicates that the depth of the cryptocurrency market—the ability to absorb relatively large orders without excessively impacting prices—has returned to levels seen before the FTX crisis, closing most of the 'Alameda Gap.'

Thomas Erdösi, product director at CF Benchmarks, pointed out that the increasing participation of institutions has shifted the 'liquidity dominance' to the United States. (Bloomberg)