Bitcoin’s rally is heavily driven by US buyers — is there a market risk?

Bitcoin has hit consecutive all-time highs in July 2025, heavily influenced by US buyers. The Coinbase Premium Index reached 0.08%, indicating robust US demand, while Korean engagement remains weak, depicted by a -1.7% Korea Premium, suggesting little retail interest.

The disparity in Bitcoin trading dynamics signals that the current rally lacks global participation. As US markets dominate, the potential for market risk increases due to the absence of strong retail interest from regions like Korea.

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