Ki Young Ju, chief executive of CryptoQuant, wrote that for the next rally, the US bitcoin market is more important than the offshore global market. Stablecoins are often seen as global offshore buyer liquidity. Their market capitalization is growing, but the ratio to BTC and ETH market capitalization is declining. The same is true of free-floating market capitalization and foreign exchange reserves. Stablecoins alone cannot drive the next market surge. Coinbase has a 46% share of the global BTC/USD cash market and its influence is growing, which may be driven by institutional brokerage services. The Korean won is the second most traded fiat currency, but it is mainly counterfeit products. 82% of Upbit's trading volume last month came from counterfeit products. Additionally, BTC/USD trading volume on Coinbase is five times higher than BTC/KRW trading volume on Upbit.