 US entities hold 65% more Bitcoin than offshore players — CryptoQuant 
2025-01-09
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Bitcoin reserves held by entities based in the US now significantly exceed those held by offshore entities, according to data from CryptoQuant.
US entities’ Bitcoin BTCUSD reserve share reached an all-time high as of Jan. 9, with reserves 65% greater than those held by non-US entities, CryptoQuant data reveals.
The ratio of US to offshore Bitcoin holdings climbed from 1.24 in September 2024 to a peak of 1.66 in December and now stands at 1.65. 
CryptoQuant CEO Ki Young Ju explained that the metric compares the Bitcoin holdings of known US entities — including companies like MicroStrategy, spot Bitcoin exchange-traded funds (ETFs), exchanges, miners and the US government — to those of known offshore entities.
Institutional demand fuels Bitcoin rally
The surge in US-held Bitcoin reserves coincides with Bitcoin’s price increase. 
In September 2024, when Bitcoin was trading at $60,000, offshore entities held the majority of reserves. By January 2025, Bitcoin had crossed the $100,000 mark, peaking at $108,135, and US entities’ reserve dominance hit record levels.
The dominance has been driven by heightened institutional interest. 
MicroStrategy, the largest corporate Bitcoin holder, revealed a fresh purchase of 1,070 BTC from Dec. 30 to Dec. 31, 2024, at an average price of $94,004 per Bitcoin. The $101 million purchase brought MicroStrategy’s total holdings to 447,470 BTC — worth approximately $27.97 billion — accounting for 2.1% of all Bitcoin that will ever exist.
Like its previous purchases, MicroStrategy used proceeds from a convertible note sale to fund the acquisition. The company’s aggressive Bitcoin strategy underscores the growing appetite for BTC among US institutions. 
Additionally, US-listed spot Bitcoin ETFs, launched in January 2024, have recorded inflows of $106.82 billion to date, according to data from Sosovalue. ETFs provide institutional and retail investors with regulated and simplified access to Bitcoin exposure.
Market corrections 
Bitcoin’s unrealized profit margins have shrunk amid the ongoing price correction.
After soaring past $100,000, Bitcoin has retraced to $93,000, with its realized price — analysts view this correction as healthy after the recent rally.
“Trader’s onchain unrealized profit margins have declined significantly amid the ongoing Bitcoin price correction. This is healthy after a rally that got us above $100k,” wrote Julio Moreno, head of research at CryptoQuant.
Over the past 24 hours, $521 million has been liquidated from the crypto market, with $345 million coming from long positions, according to CoinGlass. The liquidations were triggered by Bitcoin briefly dipping to $92,500 due to fears over the Federal Reserve’s tightening monetary policy for 2025.
“Bitcoin has retraced to the $95K support level following hotter-than-expected US job data,” QCP analysts shared with Cointelegraph. “JOLTS job openings surged to 8.1 million, surpassing the 7.74 million forecast. The unexpected strength in the labor market fueled risk-off sentiment, triggering a sell-off in risky assets as long-term bond yields spiked.”