[CryptoQuant CEO: The US Bitcoin market is more important than the offshore global market for the next round of increases] Golden Finance reported that CryptoQuant CEO Ki Young Ju wrote that the US Bitcoin market is more important than the offshore global market for the next round of increases. Stablecoins are often seen as global offshore buy-side liquidity. Their market capitalization is growing, but the ratio to the market capitalization of BTC and ETH is declining. The same is true for free-floating market capitalization and foreign exchange reserves. Stablecoins alone cannot drive the next market surge. Coinbase has a 46% share of the global BTC/USD spot market and its influence is rising, which may be driven by institutional brokerage services. The Korean won is the second most traded fiat currency, but it is mainly altcoins. 82% of Upbit's trading volume last month came from altcoins. In addition, the BTC/USD trading volume on Coinbase is five times that of BTC/KRW on Upbit.
