Boosted by Trump's election victory, Bitcoin surged, breaking the $80,000 barrier to set a historic high and continued to rise.
On November 11, Bitcoin reached a peak of $81,899. As of 4:15 PM that afternoon, Bitcoin was at $81,300, with an increase of over 17% from November 5 to the current period.
Continuous inflow of funds has driven up Bitcoin prices. According to observations from Bosera International, the US spot Bitcoin ETFs have seen net inflows for five consecutive weeks, possibly reflecting changes in market sentiment. Last week (November 4-8), the top 10 US spot Bitcoin ETFs experienced net inflows, with $1.606 billion flowing into US spot Bitcoin ETFs during that week. Major Bitcoin spot ETFs, such as iShares, Fidelity, and Bitwise, all had significant net inflows.
The 'Trump trade' was first reflected in virtual currencies. With Trump's victory and the Republican majority in the Senate, overseas institutions have called for Bitcoin to reach targets of $100,000 and $125,000, with Standard Chartered's digital asset researchers predicting it could reach $200,000 by the end of 2025.
Hong Kong stock virtual currency ETFs surged, with a single-day increase exceeding 8%.
On November 11, the Hong Kong stock virtual currency ETFs showed a significant lead in increase.
As of the close of the Hong Kong stock market, Huaxia Ethereum ETF, Bosera Ethereum ETF, Southern Ethereum ETF, Harvest Ethereum ETF, and Huaxia Bitcoin ETF all saw increases of over 7%, even reaching 8%. Over a longer period, Bitcoin-related ETFs have seen an increase of over 30% in nearly 60 days, with the maximum increase approaching 38%. In terms of the nearly 60-day increase, Bitcoin ETF growth far exceeds that of Ethereum ETF, with the Ethereum ETF increase being about half that of Bitcoin ETF. Notably, Southern Fund's subsidiary Southern Dongying was among the early companies to lay out virtual currency futures ETFs in the Hong Kong stock market, with Southern Bitcoin Futures ETF and Southern Ethereum Futures ETF both listed on December 16, 2022. Southern Dongying is also the only company that has launched a 1x inverse leveraged Bitcoin futures ETF, which was established on July 23, 2024.
On April 24 of this year, the Hong Kong subsidiaries of Huaxia Fund, Bosera Fund, and Harvest Fund applied for the first batch of Hong Kong Bitcoin and Ethereum spot ETF products, which were officially approved by the Hong Kong Securities and Futures Commission, marking a significant moment in Hong Kong's financial history. On April 30, six products were listed on the Hong Kong Stock Exchange.
At the beginning of the listing of the six virtual currency ETFs from Huaxia, Bosera, and Harvest's Hong Kong subsidiaries, analysts predicted that the asset management scale of the Hong Kong spot Bitcoin and Ethereum ETFs could reach $1 billion. According to statistics from the Financial Association, as of November 11, the current asset scale of the 18 virtual currency ETFs listed in Hong Kong has reached 1.036 billion Hong Kong dollars.
A maximum of $125,000, analysts are unanimously bullish on Bitcoin.
As of November 6, Bitcoin's market capitalization has surpassed Meta, becoming the ninth largest asset globally. According to CoinMarketCap statistics, as of November 8, the total global cryptocurrency market capitalization reached $2.68 trillion, with Bitcoin's market cap accounting for 59.9% and Ethereum's market cap accounting for 13.9%.
BlackRock's Bitcoin fund IBIT recorded its largest trading volume on the 7th, reaching $4.1 billion, which exceeded the trading volumes of stocks like Berkshire, Netflix, and Visa on that day. The stock rose by 10%, marking its second-best performance since its listing.
Subsequent data showed that BlackRock's Bitcoin fund IBIT achieved a net subscription of $1.1 billion on the 7th, and on that day, the scale of BlackRock's Bitcoin fund surpassed that of its flagship gold fund IAU. BlackRock's Bitcoin ETF was listed in January this year, attracting $27 billion in inflows within just nine months.
In the horizontal comparison of fund holdings, the Bitcoin holdings of BlackRock's Bitcoin fund IBIT have widened the gap with Grayscale's GBTC Bitcoin holdings. As of November 8, GBTC held 219,200 Bitcoins, while IBIT held 447,200 Bitcoins, demonstrating BlackRock's optimistic view on Bitcoin.
Bitcoin completed its four-year 'halving' in April this year. Based on past experience, Bitcoin halving is usually a positive factor for driving short-term bull markets. However, there is significant divergence in the market after this year's halving. JPMorgan has warned that Bitcoin may decline after the 'halving'. However, Standard Chartered believes that, given geopolitical factors, Bitcoin's price target by the end of this year is $150,000.
'Trump trade' has further strengthened institutions' bullish outlook on Bitcoin. Multiple overseas institutional analysts have projected continued significant increases, predicting that by the end of this year, Bitcoin will reach prices ranging from $100,000 to $125,000.
Bosera International stated that Trump's policies are believed to potentially have long-term benefits for the cryptocurrency market, including supporting the development of cryptocurrencies through executive orders and legislation. Additionally, the effectiveness and mainstreaming trend of the cryptocurrency market are also favorable factors. Policies that the Trump administration may promote include more cryptocurrency-friendly legislation and possible tax incentives, which could further promote the popularity and acceptance of cryptocurrencies.
Bosera International further stated that Bitcoin is currently in the fourth cycle, and it is expected to be in the early stages of this cycle. The continuous warming of the coin price needs to wait for the Fed's interest rate cut expectations to rise or for continued increases in institutional participation, maintaining a positive outlook in the medium to long term.#DOGE看涨情绪飙升 #特斯拉市值重上1万亿美元 #BinanceLabs投资BIOProtocol #SUI的单边行情 $BTC $ETH $SOL
