• ETF filings resulted in a spike in the supply of BTC held by US entities. 
• Asia’s supply dominance was on the rise a few months ago due to the region’s favorable approach. 

Following the announcement of the Blackrock Bitcoin ETF request on 15 June, there has been a noticeable increase in the proportion of Bitcoin [BTC] supply held or traded by entities based in the United States, data from Glassnode revealed.

Read Bitcoin’s [BTC] Price Prediction 2023-24

If the trend continues, this shift in ownership could indicate a significant change in the dominance of BTC supply, with US entities gaining more influence and control over the supply of the leading cryptocurrency. 

Once upon a time, Asia “ruled” the BTC world

In a report published at the beginning of last month by Glassnode, the on-chain data firm reported that the year-over-year BTC supply had changed based on geographical regions. Glassnode found,

“The extreme dominance of US entities in 2020-21 has clearly reversed, with US supply dominance falling by 11% since mid-2022.” 

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Author: Abiodun Oladokun

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