Today in the world of cryptocurrency, data from CryptoQuant indicates that US entities hold significantly more Bitcoin than offshore counterparts, with reserves reaching an all-time high as of January 9. The ratio of Bitcoin holdings by US entities to those offshore has increased from 1.24 in September 2024 to 1.65 currently. This reflects a growing trend where known US entities, such as companies like MicroStrategy and Bitcoin ETFs, are accumulating more Bitcoin compared to their offshore counterparts.
In legislative news, Oklahoma Senator Dusty Deevers has introduced the Bitcoin Freedom Act, which allows employees and residents of Oklahoma to receive payments in Bitcoin. The act aims to provide more financial options and secure Bitcoin’s use across the state, thereby protecting citizens’ earnings against inflation. The proposed law emphasizes voluntary participation, aligning with free-market principles, and positions Oklahoma as a leader in embracing financial technology advancements.
Meanwhile, Web3 developer Movement Labs is reportedly closing a $100 million funding round, which would value the company at around $3 billion. This funding round aims to support Movement Labs’ efforts in the Web3 space, following a $38 million Series A round in 2024 and the launch of their mainnet and native token, MOVE. The company plans to allocate 40% of the MOVE token to its community and ecosystem. Venture capital interest in Web3 ventures reached $1.6 billion in the fourth quarter of 2024, with expectations for further growth.
