Singapore-based cryptocurrency trading firm QCP Capital released its latest analysis, noting that Bitcoin has entered a “new phase” after nearly reaching the $90,000 mark. This reinforces BTC’s position as a treasury asset, increasingly being held by corporations, governments, and institutions.
The firm pointed out that Bitcoin exchange-traded funds (ETFs) are experiencing unprecedented demand, with $2.28 billion in inflows over just three days. Following last week’s US elections, Bitcoin ETFs attracted $1.8 billion, and this week began with another $1.1 billion in net inflows. QCP Capital observes that the market is adjusting to these new highs for BTC, with demand stronger than ever.
In addition, activity around memecoins has surged. DOGE saw a notable rise Tuesday night, driven by a post-election rally after Donald Trump announced the creation of the Department of Government Efficiency, referred to as “DOGE.” Tesla’s Elon Musk and former Republican candidate Vivek Ramaswamy are set to lead the department, which aims to “dismantle government bureaucracy, cut excessive regulations, and streamline federal agencies.” DOGE surged nearly 20%, reaching $0.37 by early morning after briefly touching $0.43. The memecoin has risen 153% since election day, outpacing Bitcoin’s 30% increase, and has recently overtaken XRP to become the sixth-largest cryptocurrency by market capitalization.
Attention today is on the release of the Consumer Price Index (CPI) and core CPI data, which are expected to remain steady at 0.2% and 0.3% for October, respectively. Annual CPI is projected to increase by 2.6%. Markets are pricing in a 70% likelihood of a rate cut at the Federal Reserve’s December meeting, but today’s CPI report, the upcoming PCE release on November 27th, and potential policy shifts from Donald Trump could all influence the Federal Reserve’s final decision.
Bitcoin Trades Above $87,500 Mark Amid Strong ETF Inflows
As of the current writing, Bitcoin is trading at $87,758, marking a 0.31% increase in the last 24 hours. Its price fluctuated between an intraday low of $85,155 and a high of $89,828. Bitcoin’s market capitalization has reached $1.74 trillion, while its market dominance has risen by 0.66%, now standing at 59.71%.
The cryptocurrency has been buoyed by positive market sentiment, bolstered by strong inflows into spot Bitcoin ETFs in recent days, with BlackRock playing a leading role, according to SoSoValue data. Additionally, Bitcoin has garnered extra attention following the revelation of Donald Trump’s Bitcoin holdings post-US elections.
On the other hand, the global cryptocurrency market capitalization has decreased by 0.94%, now totaling $2.91 trillion. However, the overall market volume saw a decline of 28.88%, dropping to $261.1 billion, as reported by CoinMarketCap.
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