Bitcoin Growth Initiated by US Investors

The current rise in Bitcoin price above $9,000 was largely driven by American investors.evidence from a CoinDesk study.

Bitcoin cryptocurrency exchangessteadily traded with overpayment at the end of March throughout April. Overpayment in the spot market indicates increased activity of buyers relative to other exchanges.

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US exchanges (orange line) continue to show overpayments relative to other platforms (white line).

At the lows of the cycle in December 2018, the spot prices of bitcoin corresponded to the index price on large exchanges in all jurisdictions.

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Bitcoin futures market data also reflectstrong bullish sentiment by American investors. When bitcoin fell below $ 4,000 on March 12, open interest in the futures markets collapsed by more than 50%. Open interest on BitMEX, Huobi, and OKEx is still well below levels seen before March 12th.

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Neither BitMEX nor Huobi serve American customers, and OKEx has only recently opened access to its platform to residents of several states.

However, the open interest in ChicagoCommodity Exchange (CME) steadily recovered from March lows and continues to grow. Although against the background of BitMEX, OKEx and Huobi, CME's open interest does not seem so high, this data clearly reflects the distribution of activity across different geographical regions.

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Renaissance Technologies, the manager with tens of billions of dollars in assets from the United States, also recently indicated an interest in bitcoin futures. Why Americans buy Bitcoin is another question.

“I think FOMO due to halving and activityof some miners, aimed at buying bitcoin, is an important factor, especially if you take into account the positive dynamics on the side of the hashrate over the past month ”, Said Brave New Coin analyst Aditya Das.

Co-founder of research firm Delphi Digital, Jan Lieberman, considers the current rise in bitcoin "healthier" than the upward trend in previous segments.

“Since the collapse, Bitcoin has been confidentgrowth in spot volumes on exchanges such as Coinbase, while interest in futures remains relatively constant at about $ 2 billion after the liquidation of large volumes of margin positions ”- he added.

The rise in early 2020, he said, was “supported by speculation.” This, in particular, is indicated by the growth of open interest in futures from $ 2 billion to $ 4 billion over two months.

Three Arrows Capital CEO Su Zhu considers the increased activity of US residents a unique bullish signal.

“US investors should provide a solid base, given that US tax policy does not promote spot sales for a small profit.”- he added.

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