Bitcoin’s meteoric rise to record highs has lured Wall Street dollars into crypto ETFs since early November, in particular after the U.S. elections.BlackRock’s IBIT fund was trading USD1bn in BlackBit with just the first 25 minutes of trading in the U.S. Market, the latest rally drives a Bitcoin bulls faucet that has come to attract retail and institutional money.
Trading Tuesday, Nov. 12, was off the charts following a set of record numbers from Monday, Nov. 11, as Bitcoin had its biggest day and week during its 15-year history.In what is wall Street’s second influx of over $1 billion in cash flows to U.S. spot Bitcoin ETFs in one month, assets in U.S. spot Bitcoin ETFs surpassed $90 billion by mid-November, ten months after ETFs began trading.
Bitcoin’s Record Surge Boosts Crypto Markets and Investor Confidence
It took nearly a decade for Bitcoin to reach $20,000, but after just a week — Bitcoin has added $20,000, rising to a record high of $89,864 — and more expected to hit $90,000. But a few longer term holders are cashing in during the rally.
Crypto markets have also been bolstered by the U.S. general election, in which pro crypto politicians, like President-elect Donald Trump, have increased their influence. But the shift has reportedly eased reputational worries with digital assets and is sparking renewed market optimism.
BTC explosive rise has also been good for the crypto market as a whole. With an inflow of some $600 billion, BTC has caused nearly all of the fresh capital deemed to have been brought into the total crypto cap of $3.04 trillion. Volume surged on major altcoins too, with both Ethereum and Dogecoin adding rich gains, according to experts, although they also expect altcoin demand to be in the early stages.
She noted that familiar market patterns are likely to come roaring back to unprecedented heights, as more new, younger investors and supportive legislation such as Senator Cynthia Lummis’s BTC reserve bill, and also growing blockchain industry, will help to continue these market patterns to an even much higher level.
