Bitcoin’s multi-day surge to consecutive new highs has caught Wall Street’s attention, with billions flowing into crypto ETFs since the beginning of November and the U.S. elections.
Bitcoin (BTC) investors traded $1 billion of BlackRock’s IBIT fund within the first 25 minutes of U.S. market trading, continuing a BTC-led trend that has incentivized retail and institutional capital deployment. Initial volumes on Tuesday, Nov. 12, followed staggering figures from Monday, Nov. 11, as Bitcoin recorded its largest single-day and weekly gains in its 15-year history.
Inflows to U.S. spot BTC exchange-traded funds exceeded $1 billion for the second time this month. Wall Street’s spot BTC ETF group reached $90 billion in assets by mid-November, about 10 months after trading began.
It took nine years for Bitcoin to reach $20,000. In the past seven days, BTC added another $20,000, soaring nearly 24% to an all-time high of $89,864. The token appeared primed for a run toward $90,000, even as some long-term holders booked profits.
$IBIT hit $1b in volume today after about 25min, faster than yest when it ended up breaking all time record. Feeding frenzy (still) in effect.. pic.twitter.com/R7AkS5W90j
— Eric Balchunas (@EricBalchunas) November 12, 2024
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Bitcoin boosts crypto market
The crypto market saw renewed enthusiasm following the U.S. general elections. The victory of a group of pro-BTC and crypto-friendly politicians, including President-elect Donald Trump, seems to have eased reputational risks tied to digital assets.
The entire crypto market surged alongside Bitcoin’s explosive rally. Data indicated that the total crypto market cap stood at $3.04 trillion at press time, surpassing the previous peak in 2021.
BTC accounted for the bulk of roughly $600 billion in fresh capital inflows into cryptocurrencies, while altcoins took a secondary position.
Major altcoins like Ethereum (ETH), Solana (SOL), and even meme leaders such as Dogecoin (DOGE) jumped double to triple digits in the last week.
Yet, experts like Kraken’s head of strategy, Thomas Perfumo, said altcoin demand was still in its infancy during this bull run. Perfumo asserted that younger investors entering the crypto space, supportive legislation like Senator Cynthia Lummis’s BTC reserve bill, and general blockchain industry growth will fuel familiar patterns to greater magnitudes, per comments shared with crypto.news via email.
We see a typical cycle playing out. Bitcoin is leading this market rally, which often precedes capital flows into other layer 1s like Ethereum and Solana before rotating into altcoins. We haven’t seen peak FOMO indicators ring alarm bells.
Thomas Perfumo, Kraken’s head of strategy
24-hour BTC price chart – Nov. 12 | Source: crypto.news
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