High Spot Bitcoin ETF Demand Pushed Bitcoin to New ATH Above $93K
The crypto market’s dip was brief, as Bitcoin resumed its upward trend this week. Bitcoin prices reached another all-time high of $93,477 in late trade on Wednesday, November 13.However, the value fell to roughly $90,000 during the Thursday morning Asian trading session.
The drop was a hiccup as BTC continued to rise, adding to its 20% weekly gains. Bitcoin has increased by a stunning $24,000 since the beginning of November, owing mostly to Donald Trump’s victory in the US presidential election.
ETFs Driving Bitcoin Demand
Bitcoin ETFs are currently the primary driver of demand, “soaking up almost all of the selling by long-term holders,” according to analyst James Check on November 14.
Wednesday was another strong day for spot ETF inflows, with $510 million entering the eleven Bitcoin funds in the United States. According to Farside Investors, $4.7 billion has been invested in spot Bitcoin ETFs during the last six trading days. According to Bloomberg ETF analyst Eric Balchunas, BlackRock’s IBIT fund is already in the top 1% of all ETFs by assets, and at 10 months old, it outperforms all 2,800 ETFs released in the last ten years.
He noted that things appeared to be cooling down until IBIT reached $5 billion in daily volume for the first time ever. On November 13, the BlackRock Bitcoin ETF had an inflow of $230 million. Polymarket, a blockchain betting platform, now has 61% odds that Bitcoin will hit six digits by the end of this month, and it is only 10% away from that milestone right now.
Total Cap Back at Peak
The altcoins are still trailing behind, with Bitcoin’s dominance reaching 61% at its current price peak. However, total market capitalization has recovered to a record high of $3.12 trillion.
Ethereum rose to $3,300 then fell back to $3,200 in Thursday early trading. Solana (SOL) and Cardano (ADA) are up 3-4% every day, while the rest of the cryptocurrencies remain flat.
Aside from the PEPE meme currency, which increased by 74%. Using Coinbase and Robinhood. Dogwifhat (WIF) increased 35% on the day after Coinbase launched it and enabled support for the joke coin on Solana. Economist Alex Krüger noted that meme currencies appear to be dominating this cycle.
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