In the realm of cryptocurrency, CryptoQuant CEO Ki Young Ju believes that the US Bitcoin market holds the key to determining the near future of crypto prices. With 347,300 followers on X, Young Ju asserts that the US Bitcoin market is of greater significance than global offshore markets in driving the next surge in prices.

Young Ju highlights the growing market cap of stablecoins, which are often viewed as global offshore buy-side liquidity. However, he notes that their ratio to BTC and ETH market caps is decreasing, suggesting that stablecoins alone cannot propel the market forward. He points out that Coinbase’s dominance in global BTC-USD spot markets, standing at 46%, is on the rise, likely due to institutional brokerage services.

Despite the South Korean won (KRW) being the second-largest fiat for trading volume, it is primarily used for altcoins. Young Ju reveals that 82% of Upbit’s volume in the past month came from altcoins, while the BTC-USD trading volume on Coinbase was five times greater than BTC-KRW on Upbit.

At the time of writing, BTC is trading at $68,312, exhibiting a 4% decrease in the past week. Young Ju recently emphasized that Bitcoin is not currently overvalued from a network fundamentals perspective, referencing BTC’s “thermo cap ratio” as evidence. This ratio represents the total investment cost in the Bitcoin network, calculated by dividing Bitcoin’s market capitalization by the thermo cap.

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