According to PANews news on June 12, the CryptoQuant research report shows that due to regulatory uncertainty, more than 50% of bitcoins have been transferred from US exchanges to outside the United States, and the bitcoin reserves of US encrypted exchanges have fallen to the level of 2017. And 56% of Ethereum is held outside the United States. At the same time, regions such as the European Union and Hong Kong are experiencing the inflow of capital, talents and digital asset companies. Additionally, international cryptocurrency exchanges trade four times as much as U.S. exchanges. The study further found that the market capitalization of U.S. stablecoins has plummeted by 35%, losing $15 billion by 2023. On the other hand, the United States remains the dominant player in the global bitcoin mining industry. However, the U.S. could lose this status due to poor regulation and the possibility that the government will impose higher taxes on miners.