The United States is rapidly reclaiming its position as a global leader in the cryptocurrency market. This resurgence is driven by two key factors: the prospect of Donald Trump returning to the White House in 2025 and the phenomenal success of American cryptocurrency exchange-traded funds (ETFs).
Trump's campaign promises to transform America into the world's cryptocurrency hub are already making a significant impact on the market. This vision, coupled with the triumphant launch of Bitcoin ETFs in early 2024, has spurred an unprecedented level of activity on trading platforms.
Current trends demonstrate a dramatic shift in the balance of power in the global cryptocurrency market. During Joe Biden's administration, stringent cryptocurrency regulations pushed market activity toward the Asian region. However, the US is now regaining its role as a key player in liquidity formation and price discovery for digital assets.
Statistical data strongly supports this trend. The share of Bitcoin-dollar trading during US market hours has risen from 40% in 2021 to an impressive 53%, according to Kaiko analytics. Thomas Erdosi, Head of Product at CF Benchmarks, attributes this directly to the increasing participation of institutional investors.
The performance of American Bitcoin ETFs is particularly noteworthy. Since their launch in January, the total trading volume has exceeded $500 billion, with a net inflow of approximately $36 billion. BlackRock Inc.’s iShares Bitcoin Trust set a historic record among newly launched funds. Experts predict that under a Trump administration, the range of cryptocurrency ETFs will significantly expand beyond the current offerings focused on Bitcoin and Ethereum.
A landmark development was the record-breaking open interest in Bitcoin and Ethereum futures on the Chicago Mercantile Exchange (CME Group Inc.). For the first time, CME surpassed offshore platform Binance Holdings Ltd., becoming the leader in the cryptocurrency futures market.
The market has also shown an impressive recovery from the 2022 crisis caused by the collapse of the FTX exchange and Alameda Research. Thanks to the emergence of ETFs and optimistic expectations tied to Trump’s policies, the depth of the cryptocurrency market has returned to pre-crisis levels, demonstrating its restored ability to efficiently process large orders without significantly impacting prices.
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