According to Foresight News, Bitfinex has released a report indicating that there was a significant shift in the Bitcoin market last week, with prices rising to an all-time high of $93,318 and a market capitalization of $1.8 trillion. BTC has surpassed silver to become the eighth largest asset in the world by market capitalization. This surge not only represents the strongest 9-day increase in Bitcoin since January 2021 but is also likely the largest short-term capital inflow ever recorded for any asset class. This momentum suggests that interest in Bitcoin is reaching levels typically only seen for mainstream assets.
The assets under management of the spot Bitcoin ETF traded in the US have reached $84 billion, equivalent to 66% of the total assets under management of gold ETFs. Recently, investor enthusiasm has cooled, which is a healthy phenomenon, with a net outflow of approximately $640 million reported over the last two trading days of the week. It is expected that this outflow will not continue. As institutional funds increase, ETFs are capturing market share at a faster rate, and the trajectory of Bitcoin seems likely to rise further in the long term, potentially reshaping the balance of capital allocation in the coming years.
