President-elect Donald Trump and surging demand for digital-asset funds and derivatives have propelled the United States back to the top of the global crypto market.
The trading surge that has ensued as a result of the Trump administration’s commitment to establish the United States as the epicentre of the crypto sector has supplanted the movement of US Bitcoin ETFs in early 2024.
Bloomberg reports that the surge has solidified the United States as the primary location for digital-asset liquidity and price regulation, reversing the trend that saw Asia emerge as a critical centre during the crypto crackdown initiated by the Biden administration.
For example, the cumulative daily trading volumes of the US Bitcoin ETFs have exceeded $500 billion, with net inflows of nearly $36 billion since their inception. BlackRock’s iShares Bitcoin Trust has been one of the most successful offerings to date.
CME Group, a Chicago-based company, has pioneered the trading of Bitcoin and Ether futures, surpassing even the most powerful offshore platforms, such as Binance, in terms of open interest.
The United States’ growing dominance of the crypto space is evident in the surging demand for Bitcoin and Ether futures at CME. There is a high likelihood that the US crypto ETF landscape will expand beyond the current offerings, which are presently restricted to Bitcoin and Ether, with the election of President-elect Donald Trump.
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