Bitcoin's recent surge to an all-time high of $86,725 highlights the significant influence of U.S. investors in the crypto market. The conclusion of the U.S. elections appears to have alleviated market uncertainties, prompting a rush of investment into Bitcoin. This is evidenced by the Coinbase Premium Index, which turned positive, indicating that Bitcoin was trading at a premium on Coinbase compared to Binance.

Furthermore, the enthusiasm for Bitcoin is reflected in the record spot ETF volumes, particularly from BlackRock, which saw volumes exceeding $2.5 billion shortly after the market opened. This trend underscores the growing interest and confidence among U.S. investors in Bitcoin and spot ETFs, suggesting a bullish outlook for the cryptocurrency market in 2024.