As a seasoned analyst with over two decades of experience in financial markets, I have witnessed the ebb and flow of various asset classes, from traditional stocks to emerging digital currencies like Bitcoin (BTC). The current surge in BTC price, reaching new all-time highs, is indeed an exciting development, reminiscent of the dot-com bubble days.
After the triumphant win of pro-crypto candidates, notably President-elect Donald Trump, in the latest U.S. election, Bitcoin‘s price has been steadily building up bullish energy. The primary digital coin increased by more than 2% in the past 24 hours, hitting a new record high (ATH) of approximately $76,872 before slightly pulling back to trade around $76,000 on Friday, November 8, 2024, during early European trading hours.
As cryptocurrency volatility spikes, over $250 million has been wiped out of the leveraged market. This volatility is likely to intensify this weekend due to a surge in FOMO traders in recent days.
On Thursday, the Federal Reserve lowered rates by 0.25%, bringing the current rate down to 4.75%. Similarly, the Bank of England (BoE) decreased its benchmark interest rate by 0.25% to 4.75%, as anticipated, increasing global liquidity levels.
US Spot Bitcoin ETFs Reports Record Inflows
Based on market data compiled by SoSoValue, US spot Bitcoin ETFs saw their highest cash inflows since launch, totaling approximately $1.38 billion on Thursday. BlackRock’s IBIT demonstrated its dominance as the largest global issuer of spot Bitcoin ETFs on this day, with a net cash inflow of around $1.12 billion.
Consequently, BlackRock’s IBIT now owns approximately 432,674 Bitcoins, valued at over $34 billion. Meanwhile, Fidelity’s FBTC ETF ranks as the second-best performing US Bitcoin ETF in terms of inflow, with about $190 million net cash influx. At present, the value of Bitcoins held by Fidelity’s FBTC exceeds $14.5 billion.
Essentially, not a single U.S. Bitcoin ETF provider experienced a net cash outflow on Thursday, suggesting a substantial increase in institutional interest. Combined, these U.S. Bitcoin ETFs manage assets valued at approximately $79 billion, with expectations that this amount will keep growing in the short term.
Furthermore, it’s anticipated that the U.S. government will acquire approximately 1 million Bitcoins over the next five years as a means to address its escalating debt problems. Similarly, countries such as El Salvador are progressively amassing Bitcoins for similar financial reasons.
What’s Next?
In recent times, the Bitcoin price has persistently ended trading sessions above the approximately $73.7k peak reached in March 2024. This trend suggests that the bulls are currently dominating the market. If the Bitcoin price can also close at a level above $74k within the weekly time frame, the next significant milestone could be reaching six figures, possibly even before the end of this year or early 2025.
Currently, the altcoin market is building up bullish energy, as evidenced by Solana’s significant recovery.
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2024-11-08 12:16