After Trump's victory, the crypto market has recently experienced a huge surge. Bitcoin, Ethereum, meme coins, re-staking, DeFi, RWA, L2, AI, and almost all major sectors you can think of have seen a general 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 seen significant net inflows, with both the amount and duration of net inflows far exceeding net outflows.
At the beginning of November, due to uncertainties related to the U.S. elections, there was a net outflow over 3 days, totaling about $700 million. However, on November 6, after the election results were confirmed, the net inflow reached a staggering $621.9 million in a single day, almost erasing the net outflow in just one day.
The total trading volume on that day reached $6.07 billion, marking a new high since March 15 of this year. Among them, BlackRock's ETF IBIT had a single-day trading volume of $4.14 billion, setting a historical record.
After the election results were confirmed, off-market funds changed from hesitation to flowing back into the market. Currently, the cumulative total net inflow of Bitcoin spot ETFs has risen to $24.12 billion.
The market cap of stablecoins approaches historical highs
Stablecoins, which measure market liquidity, are performing well. The total market cap has risen above $175.06 billion, nearing the historical high of $187 billion. Over the past 7 days, its market cap increased by 1.47%, indicating a continuous inflow of funds.
Among them, USDT's market cap increased from $120 billion to $121.5 billion over the past month. Notably, on November 7, the market cap surged from $120.6 billion to $121.4 billion in a single day, an increase of over $800 million.
USDC data is also performing well, increasing from a low of $34.38 billion to $36.7 billion over the past month, with an increase of over $2 billion. The inflow intensity of U.S. funds remains strong.
The total market cap of the crypto market rises to $2.5 trillion, approaching historical highs
The peak total market cap of the last crypto cycle was $2.86 trillion, and in April of this year, the total market cap reached $2.7 trillion. It has now risen above $2.5 trillion, not far from the historical high.
Institutional and trader views
Bitfinex analyst: After Trump's election, a large amount of capital is expected to be released for the crypto space in the short term
As the industry anticipates a less hostile stance from federal agencies towards cryptocurrencies, this trend is expected to facilitate more capital inflow into the Web3 space. Analysts say: 'We expect a large amount of capital to be released for the crypto space in the short term. Additionally, this may impact the approach taken by the SEC in the USA, which is generally viewed as hostile towards the crypto industry.'
Matrixport: BTC adoption rate is nearing 8%, Trump’s support may drive BTC prices to break $100,000
Matrixport's weekly report shows that Bitcoin's adoption rate is nearing the critical 8% threshold, with Trump's support potentially driving prices to break this level. The report indicates that approximately 7.51% of the global population (617 million people) use cryptocurrencies, close to an 8% adoption rate. Reaching this threshold could mark a turning point for Bitcoin's mainstream application. Additionally, Trump has promised to include Bitcoin in the national financial reserves, support Bitcoin mining, and plans to establish an advisory committee to support cryptocurrencies during the 2024 Bitcoin conference. Meanwhile, a senator from Wyoming has proposed a Bitcoin bill aimed at establishing a strategic Bitcoin reserve, planning to purchase 1 million Bitcoins within five years. The report predicts that in such a supportive environment, Bitcoin could reach $100,000 in the coming months.
10x Research: Market narrative shifts, Bitcoin aims for $100,000
10x Research states that as ETF demand grows exponentially, Bitcoin will follow suit, with a potential price of $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 no longer positioning DeFi as an external alternative to the future and traditional financial systems, but rather as digital gold Bitcoin. This framework positions Bitcoin as a permanent, long-term asset within institutional portfolios.
CryptoQuant CEO: Advises Bitcoin holders to gradually sell, warns of the risks of going all-in.
CryptoQuant CEO Ki Young Ju tweeted that new investors often hold Bitcoin in bear markets, and after experiencing losses, they typically transfer it when the market stabilizes about two years later. He believes that now is the time for this transition, and Bitcoin could rise another 30-40% from its current level, but it won't replicate the 368% increase that began from $16,000. He advises investors to 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. The tweet has over 6,000 likes.
Trader Ansem: If regulations are favorable, an unprecedented altcoin bull market will occur.
Ansem tweeted that if the U.S. implements favorable regulations for DeFi in the coming years, we will see an unprecedented altcoin bull market.
Trader Eugene: Don’t underestimate breaking historical highs
Trader Eugene tweeted yesterday that during the most uncertain times in the market, you should follow the oldest rules of the market. Don't underestimate Bitcoin breaking historical highs.
Trader Nachi: The true supercycle begins
Trader Nachi tweeted that Trump's overwhelming victory marks the beginning of a true supercycle that will last at least 4 years.
