Bitcoin held by U.S. firms far exceeded reserves boasted by offshore counterparts as spot ETFs and Trump’s win unlocked a wave of capital.

According to CryptoQuant analysis, Bitcoin (BTC) reserves domiciled in the U.S. outpace holdings in offshore control by 65%. Data shows the ratio of U.S. entities’ BTC treasuries versus tokens owned by non-U.S. institutions reached 1.65 on Jan. 6.

The ratio is calculated by dividing public U.S. BTC reserves by foreign-based holdings, CryptoQuant CEO Ki Young Ju explained on X.

Trump, wealth funds, and Bitcoin

Offshore BTC reserves outpaced U.S. holdings throughout most of 2023, while the cryptocurrency floated below $35,000 amid widespread market uncertainty stemming from 2022 failures.

However, U.S.-based BTC storehouses increased rapidly from January last year, buoyed by spot BTC exchange-traded fund approvals from the Securities and Exchange Commission. These products quickly succeeded, accumulating over $110 billion in investor assets — more than 5% of BTC’s market cap — within a year.

Companies like MicroStrategy also piled into BTC as a corporate reserve asset. Led by BTC maxi Michael Saylor, the Tysons Corner’s firm bought 258,320 BTC for $22.07 billion in 2024. Saylor’s “21/21” plans would purchase even more of the leading crypto for MicroStrategy.

President Donald Trump’s shift from a BTC skeptic to a Bitcoin advocate further enhanced the asset’s appeal. BTC surged to a new all-time high of $108,135 following Trump’s victory, driven by bullish market sentiment and his commitment to establish a national Bitcoin reserve.

Additionally, a joint survey by Bitwise Asset Management and analytics firm VettaFi revealed that 96% of wealth advisors reported increased client inquiries about crypto in 2024. The study also noted an 11% rise in cryptocurrency allocations as investors warmed to the emerging asset class.