MicroStrategy's Bitcoin holdings have appreciated by an astonishing $13 billion.
Written by: 1912212.eth, Foresight News
The explosive market rally has finally allowed previously struggling investors to breathe a sigh of relief. Since the conclusion of the U.S. presidential election, market FOMO sentiment has intensified, with BTC achieving 7 consecutive daily gains, a rarity. BTC surged past the $67,000 low, broke through $70,000, and on November 10, it once again surpassed $80,000, continuously breaking through key levels, and approached $90,000, peaking at $89,530.
Ethereum, previously subjected to intense FUD, has also followed Bitcoin, achieving a daily gain for 7 consecutive days, rising from a low of $2,400 to nearly $3,400, peaking at $3,387. According to 8marketcap data, Ethereum's market cap has risen to approximately $400.7 billion, surpassing Procter & Gamble, and ranking 32nd in global asset valuation. After breaking $212, SOL's market cap once exceeded $100 billion.
Altcoins are experiencing a massive surge, including significant increases in Meme, AI, public chain, and ecosystem projects. According to coinglass data, the total liquidation across the network in 24 hours reached $651 million, with long positions liquidated at $278 million and short positions at $371 million.
Why is this market trend so strong?
Institutions are still increasing their holdings
Last night, Michael Saylor stated that MicroStrategy increased its holdings by about $2.03 billion, acquiring 27,200 BTC at an average cost of $74,463. As of November 10, MicroStrategy holds a total of 279,420 Bitcoins, valued at $11.9 billion, with an average cost per Bitcoin of about $42,692.
Currently, the market generally agrees that a new bull market has already begun. As a person of significant influence, Michael Saylor's bullish stance and substantial purchases undoubtedly represent optimism for the market's future.
As of today, MicroStrategy's Bitcoin holdings have appreciated by an astonishing $13 billion.
dForce founder Yang Mindao marveled that 'MicroStrategy has made more money in the past 6 months than all crypto VCs made in the past 5 years, and this is just from Michael Saylor's actions alone.'
Institutions' performance data on Bitcoin spot ETFs is also quite impressive.
According to data disclosed by Trader T, global Bitcoin ETF holdings have exceeded 1.2 million BTC, accounting for 5.7% of the total supply, with the top ten including BlackRock's IBIT, Grayscale Bitcoin Trust, Fidelity, CoinShares, ARK 21Shares, Bitwise, Grayscale Bitcoin Mini Trust, Purpose Bitcoin ETF, 3iQ CoinShares, and ETC Group Bitcoin ETP.
Regarding the specific data for Bitcoin spot ETFs, there have been significant net inflows over the past few weeks since early October. In the first week of November, there was a net inflow of $2.22 billion, and in the second week, it achieved a net inflow of $1.63 billion.
Trump is about to take office, and the market expects loose regulations to be beneficial.
According to the latest data, the U.S. government is estimated to hold over 200,000 Bitcoins, and Trump stated at the Bitcoin conference on July 28 that if elected in November, he would fire SEC Chairman Gary Gensler, prevent the U.S. from selling its held Bitcoins, and establish a 'strategic Bitcoin reserve.'
It is well-known that the current U.S. SEC is often criticized and questioned by industry entrepreneurs and investors for its cold and harsh stance towards the crypto industry. If Trump indeed fires and replaces them, it would undoubtedly be a significant benefit for the industry.
Trump will officially take office as president on January 20 next year. Recently, The Washington Post reported that he is searching for key position candidates friendly to the crypto industry, while his senior advisors are consulting with crypto executives on potential changes to federal policy. Initial discussions focused on a range of financial regulatory agencies, including the U.S. Securities and Exchange Commission (SEC).
According to five informed sources, Trump's advisors are considering appointing current regulatory officials, former federal officials, and financial industry executives to important leadership positions, many of whom have publicly expressed support for cryptocurrencies. The discussion process is still in the early stages, and the candidate list is still changing.
Can Bitcoin break $100,000 by the end of the year?
On Polymarket, which gained fame due to the U.S. presidential election, bets regarding whether Bitcoin can break $100,000 this year are heating up. Current data shows that the market predicts a 54% chance of reaching $100,000, with the daily probability increasing by 18%.
However, it is worth noting that this predictive data is dynamically adjusted, and values may fluctuate significantly with Bitcoin price changes. The market is often full of confidence during large increases and sinks into despair during large decreases. As shown in the chart, in September and October of this year, the probability of Bitcoin rising over $100,000 was less than 20%.
Matrixport recently released a report indicating that as the market expects Trump to shift U.S. regulatory policies towards a more supportive environment for cryptocurrencies, the bullish momentum seems unstoppable. With his inauguration date set for January 20, 2025, the market has a few weeks to maintain this upward trend. We are truly entering an unknown territory now.
