因此，美国越来越成为数字资产流动性和基准定价的关键，而在去年的部分时间里，亚洲似乎是拜登政府打击加密货币的最大受益者，特朗普现在正在取消这类政策。Dollar-denominated Bitcoin trades are more concentrated during the USA session, with the number of open interest contracts for CME's Bitcoin and Ethereum Futures reaching an all-time high!
As 2025 approaches, the focus of the cryptocurrency market has returned to the USA, thanks to Trump's reelection and the expanding demand for digital asset funds and derivative contracts.
Trump vowed to make the USA a key player in the cryptocurrency industry, igniting a trading frenzy, coupled with the unexpectedly successful launch of Bitcoin Exchange-Traded Funds (ETFs) in the USA starting in 2024, which has led to a surge in trading activity.
Thus, the USA is increasingly becoming crucial for digital asset liquidity and benchmark pricing, while for part of last year, Asia seemed to be the biggest beneficiary of the Biden administration's crackdown on Cryptos, a policy now being reversed by Trump.
In this historic 12 months, the demand in the USA helped Bitcoin first break the 0.1 million USD mark, with the chart below documenting changes in the cryptocurrency market structure.
Trade Shift
Data from Kaiko shows that the share of dollar-denominated Bitcoin daily trades during the USA session has risen from 40% in 2021 to about 53%. CF Benchmarks product director Thomas Erdösi stated that the increasing participation of Institutions has shifted the "liquidity dominance" to the USA.
ETF Trading Volume
Since the launch of Bitcoin ETFs in January, the cumulative daily trading volume has exceeded 500 billion dollars, with a net inflow of about 36 billion dollars. Blackrock's iShares Bitcoin Trust is one of the most successful Funds of all time. Under Trump's leadership, the scale of USA Crypto ETFs is expected to expand beyond the currently limited products of Bitcoin and Ethereum.
Futures Demand
The open contracts of Bitcoin and Ethereum futures managed by the CME Group, headquartered in Chicago, have reached a record high this year. CME currently ranks first in open contracts for Bitcoin futures, whereas the previously leading offshore platform, Binance Holdings Ltd., was the market leader.
Market Depth
In 2022, the collapse of the FTX Exchange and its sister hedge fund Alameda Research severely damaged liquidity. Optimism driven by US ETFs and Trump helped to turn the situation around.
Data from Kaiko shows that the cryptocurrency market depth—the ability to absorb relatively large orders without excessively impacting prices—has recovered to pre-FTX crisis levels, making up for most of the so-called 'Alameda gap.'
