US entities hold 65% more Bitcoin than offshore players — CryptoQuant

Bitcoin reserves held by entities based in the US now significantly exceed those held by offshore entities, according to data from CryptoQuant.

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US entities’ Bitcoin (BTC) 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.

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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.

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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.”

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