ChainCatcher message, 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 daily Bitcoin trading in U.S. dollars during U.S. hours has risen from 40% in 2021 to about 53%. The data also shows that the cryptocurrency market depth—the ability to absorb relatively large orders without causing excessive price impact—has returned to levels seen before the FTX crisis, making up for most of the 'Alameda Gap'.

CF Benchmarks product manager Thomas Erdösi pointed out that the continuous increase in institutional participation has shifted the 'liquidity dominance' to the U.S.