Yesterday, influenced by the sharp rise in MicroStrategy's stock, bitcoin also broke its historical high again, reaching a peak of $95,300, and bitcoin's market share rose to 61%.
At the same time, most altcoins are being drained by bitcoin, generally dropping by about 10%.
So why is bitcoin experiencing an independent market trend?
This is mainly because the spot ETF has brought a lot of funds and attention, with US investors' funds driving up the price of bitcoin, creating a positive cycle.
From the sentiment of US investors, as bitcoin hits new highs, the FOMO sentiment is rising again; when the sentiment is right, purchasing power naturally follows.
In recent days, market stimulus factors have mainly come from MicroStrategy.
As a result, yesterday MicroStrategy's stock price reached a high of $499.5, with a market value exceeding $100 billion, and trading volume approaching Nvidia.
MicroStrategy has almost increased by $100 every day for two consecutive days, turning a US stock into a lookalike of a meme coin, which is a typical example of 'stepping on both feet'.
There is a positive cycle between MicroStrategy's stock price and bitcoin: the higher the stock price, the more shares they can sell.
The more stocks they sell, the more bitcoins they can buy, and the rising price of bitcoin will further drive up MicroStrategy's stock price.
Recently, more and more companies have begun to follow MicroStrategy's bitcoin strategy, treating bitcoin as a strategic reserve asset.
For example, on November 19, the US-listed company Genius Group purchased 110 bitcoins for $10 million to establish a bitcoin reserve.
On the same day, the board of directors of US-listed biopharmaceutical company Acurx Pharmaceuticals approved the purchase of up to $1 million in bitcoin as a treasury reserve asset.
Yesterday, the listed company Hoth Therapeutics also announced it would purchase up to $1 million worth of bitcoin as a treasury reserve asset.
MicroStrategy's CEO Michael Saylor stated that they plan to present the purchase of bitcoin to Microsoft's board next month to enrich their asset allocation table.
It is important to note that December 10 is the date Microsoft will vote on whether to purchase bitcoin. If Microsoft agrees to buy, it will become the first publicly listed company to allocate bitcoin among the world's top five assets.
From the spot ETF data: US investors have also made their choices with their own money.
The ether spot ETF saw outflows, while the bitcoin spot ETF was heavily bought, creating a stark contrast.
This is also the first time since the launch of the ether spot ETF that we have seen investors selling ethers on a large scale and buying bitcoins.
Yesterday's data was even more exaggerated, with no ether spot ETF institutions recording net inflows. Among the nine institutions in the US, five had a total outflow of 25,821 ethers.
The largest outflow was not from Grayscale, but from Fidelity, which surprisingly had an outflow of 15,000 ethers.
Grayscale's two ETFs saw a net outflow of 5,911 ethers, and BlackRock's investors sold off 4,544 ethers, even Hong Kong's ETF institutions had a net outflow of three ethers.
Although the net inflow and outflow data of ETFs do not necessarily directly affect prices, they do reflect the sentiment of US investors.
In the past, people would mostly not buy, but now they are selling in large quantities, indicating that the sentiment towards ethers has spread to ETFs.
In contrast, bitcoin's data today is still quite good, with many investors actively buying.
Ethers have performed relatively weakly, partly due to liquidity issues, and partly because the narrative around ethers is too weak, with funds flowing into bitcoin, which has clearer momentum.
From the exchange wallet balance data, while the exchange wallet balance of bitcoin reached a new low, the price of bitcoin hit a new high, indicating that bitcoin on exchanges has been bought out, truly turning into a standalone coin.
At the same time, the exchange balance of ethers has slightly increased, indicating that selling pressure still exists.
Another point of interest is that the Shanghai High Court stated: It is not illegal for individuals to hold virtual currencies, but they are not allowed to issue tokens for financing without permission.
It can be seen that the central media is shifting; the news that the court recognizes the legality of holding cryptocurrencies is widely publicized, indicating that at least now cryptocurrencies are no longer a scam.
As for when it can be relaxed, or to establish an official bitcoin ETF (to prevent capital flight), it is probably just a matter of time.
So overall, the demand for bitcoin in the entire market is very high, and it has exceeded supply, which is why bitcoin is rising independently.
We can look forward to whether bitcoin can break $200,000 next year.
