Private and government organisations in the US control 65% more bitcoin than all comparable foreign entities combined, said CryptoQuant chief Ki Young Ju.
Researchers compared the aggregate bitcoin holdings of miners, exchanges, ETFs, companies such as MicroStrategy, government bodies and other organisations inside and outside the US.
According to CryptoQuant, the US total overtook the foreign one in spring 2024. By September the gap had widened to 25%. As of December, the difference exceeded 65%.
One key driver has been bitcoin ETFs. In January 2024 US authorities approved the launch of 11 spot funds. According to SoSoValue, at the time of writing the total net inflow stands at $106.82bn — 5.74% of bitcoin’s total market capitalisation.
MicroStrategy, known for large-scale coin purchases, has also contributed materially to the US tally. As of 7 January the company held 447,470 BTC, of which 258,320 BTC were bought in 2024.
On 30 December 2024, a US federal court allowed the Department of Justice to sell 69,370 BTC confiscated from the Silk Road marketplace.