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The crypto market has gained significant bullish momentum in the recent past following the interest rate cuts in the US and the UK and the overwhelming victory of Donald Trump.
Key Notes
The US spot Bitcoin ETFs have registered over $7.7 billion in cash inflow over the past six weeks.MicroStrategy announced the acquisition of 27.2K more Bitcoins worth over $2 billion on Monday.As Bitcoin BTC $88 921 24h volatility: 9.6% Market cap: $1.76 T Vol. 24h: $138.56 B price rallied over 10 percent in the past 24 hours to reach a new all-time high of about $89,864 earlier today, the total crypto market cap surged 7.9 percent to hover around $3.15 trillion on Tuesday, November 12. The entire altcoin market, led by the leading meme coin Dogecoin DOGE $0.41 24h volatility: 46.2% Market cap: $60.55 B Vol. 24h: $32.62 B , registered palatable gains in the past 24 hours.
The fear of further crypto market capitulation akin to the second and third quarters has significantly subsided. Moreover, Bitcoin price has consistently closed above the previous macro resistance of around $73k in the past few days and is now in the discovery phase.
Both Bitcoin and Ethereum’s fear and greed indexes surged to over 80 percent for the first time since April, signaling extreme greed in the market. Following the heightened crypto volatility, more than $1.2 billion from the leveraged market has been liquidated in the past two days, mostly involving BTC, Ether ETH $3 372 24h volatility: 7.3% Market cap: $405.96 B Vol. 24h: $67.86 B , and Dogecoin.
Crypto Market Reacts to Institutional FOMO
As Coinspeaker previously reported, the ongoing crypto bullish outlook was kickstarted by the overwhelming support of pro-crypto candidates in the United States led by Donald Trump. Already, Trump has picked Scott Bessent, a pro-crypto billionaire hedge fund investor, for the Treasury Secretary position.
Consequently, institutional investors have proliferated into crypto investment products, led by the US crypto spot ETF. According to the latest market data, the US spot Bitcoin ETF issuers, led by BlackRock’s IBIT, have registered over $7.7 billion in cash inflows during the past six weeks.
Most importantly, none of the spot Bitcoin ETFs registered a net cash outflow in the past few days, despite the significant spike in their daily traded volume. Amid the ongoing crypto cash rotation from Gold and Silver ETFs to the crypto market, Ethereum has significantly benefited in the recent past.
According to the latest market data, the US spot Ether ETF issuers registered a net cash inflow of over $295 million on Monday, thus currently holding a total of $9.7 billion in AUM.
Late on Monday, MicroStrategy Inc (NASDAQ: MSTR) announced that it has finalized a purchase of 27,200 Bitcoins, worth over $2 billion.
As a result, MicroStrategy now holds 279,420 Bitcoins, with an unrealized profit of over $10 billion.
Meanwhile, the newly elected US lawmakers intend to pass the Bitcoin Act within the first 100 days in office, to ensure the government purchases 1M BTCs in five years. The adoption of Bitcoin by the United States will have a palpable influence on other countries, which are likely to use a similar approach to curb their respective national debt crisis.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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