Bitcoin spot ETF data and stablecoin market capitalization both show signs of recovery.
Written by: 1912212.eth, Foresight News
Following Trump's election victory, the crypto market has recently surged dramatically. Bitcoin, Ethereum, Memes, re-staking, DeFi, RWA, L2, AI, almost all major coins in most sectors have seen a broad rise, with the only difference being the extent of the increase.
So how is the overall data performance of the crypto market today? Let's take a look.
Bitcoin spot ETF saw a net inflow of over $600 million in a single day.
Since October, Bitcoin spot ETF data has continuously seen large net inflows, with net inflows far exceeding net outflows in both amount and duration.
In early November, due to uncertainties surrounding the U.S. election, there was a net outflow of approximately $700 million over three days. However, after the election results were confirmed on November 6, the single-day net inflow reached an astonishing $621.9 million, almost erasing the net outflow gap in one day.
The total trading volume for the day reached $6.07 billion, the highest since March 15 of this year. Among them, BlackRock ETF IBIT had a single-day trading volume of $4.14 billion, setting a new historical high.
After the election results were confirmed, off-market funds have shed their hesitation and once again flooded into the market. Currently, the cumulative net inflow of Bitcoin spot ETF has risen to $24.12 billion.
The market capitalization of stablecoins is approaching historical highs.
Stablecoins, which measure market funds, are also performing well. The total market capitalization has risen above $175.06 billion, nearing the historical high of $187 billion. In the past seven days, its market cap has increased by 1.47%, indicating continuous inflow of funds.
Among them, USDT's market cap rose from $120 billion to $121.5 billion over the past month. Notably, on November 7, its single-day market cap soared from $120.6 billion to $121.4 billion, an increase of over $800 million.
USDC data also performed well, rising from a low of $34.38 billion to $36.7 billion in the past month, an increase of over $2 billion. The inflow strength of American funds remains strong.
The total market capitalization of the crypto market has risen to $2.5 trillion, approaching historical highs.
The peak total market capitalization in the last cycle of the crypto market was $2.86 trillion, and in April this year, the total market capitalization briefly reached $2.7 trillion. Currently, the market cap has risen above $2.5 trillion, not far from historical highs.
Institutional and trader perspectives.
Bitfinex analyst: After Trump's election, a large amount of capital is expected to be released for the crypto sector in the short term.
With the industry expecting federal agencies to adopt a less hostile stance towards cryptocurrencies, this trend is expected to promote more capital inflow into the Web3 sector. Analysts say: 'We expect a large amount of capital to be released for the crypto sector in the short term. Additionally, this may influence the practices adopted by the SEC, as the industry widely believes that the agency maintains a hostile attitude towards the crypto industry.'
Matrixport: With election volatility decreasing, Bitcoin is expected to rise further by the end of the year.
Matrixport released a daily chart report that during the crucial final moments of the election, Bitcoin experienced a slight sell-off, with the greed and fear index retreating from the 'greed' range of overbought to a more balanced level, creating conditions for subsequent rises. As the results of the U.S. presidential election become clearer, the market is expected to see an uptick in risk appetite towards the end of the year. With the election situation remaining tense, volatility continues to rise, and once volatility declines, traders will be better positioned to increase their holdings. In the context of Bitcoin's upward momentum, the greed and fear index is also expected to rise further.
10x Research: The market narrative is shifting, with Bitcoin aiming for $100,000.
10x Research indicates that as ETF demand grows parabolically, Bitcoin will follow suit, possibly reaching $101,694 by the end of January 2025. A strong bullish window is expected to continue into the first quarter of 2025. The narrative is shifting from positioning DeFi as an external alternative to the future and traditional financial systems, towards digital gold Bitcoin. This framework positions Bitcoin as a permanent, long-term asset in institutional portfolios.
CryptoQuant CEO: Advises Bitcoin holders to gradually sell, warns of the risks of going all in.
Crypto analysis platform CryptoQuant CEO Ki Young Ju tweeted that new investors often hold Bitcoin during bear markets and will change hands after experiencing losses for about two years when the market stabilizes. He believes that now is the time for this conversion, and Bitcoin could rise another 30-40% from current levels, but it will not replicate the 368% increase starting from $16,000. He suggests that investors consider gradually selling rather than continuing to 'buy the dip'.
Meme coin KOL Murad: Bitcoin will exceed $100,000.
Meme coin KOL Murad tweeted that Bitcoin will exceed $100,000, while top meme coins will rise over 100 times. This tweet received over 6,000 likes.
Trader Ansem: If regulation is favorable, an unprecedented altcoin bull market is on the horizon.
Ansem tweeted that if favorable regulatory policies for DeFi are implemented in the U.S. in the coming years, we will witness an unprecedented altcoin bull market.
Trader Eugene: Don't underestimate breaking historical highs.
Trader Eugene tweeted yesterday that in the most uncertain times in the market, you should follow the oldest rule of the market. Don't underestimate Bitcoin breaking through historical highs.
Trader Nachi: The real super cycle begins.
Trader Nachi tweeted that Trump's overwhelming victory marks the beginning of a real super cycle that will last at least four years.
