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Bitcoin (BTC) exchange-traded funds (ETFs) in the United States have collectively crossed $100 billion in net assets for the first time, managing approximately $104 billion as of November 21, according to Bloomberg Intelligence. This marks a significant milestone for the cryptocurrency industry, which has seen rapid institutional adoption since spot Bitcoin ETFs launched in January.Investor interest in BTC ETFs surged in November, following the U.S. presidential election. President-elect Donald Trump’s pro-crypto stance has fueled market optimism, with over $5 billion in ETF inflows reported since his victory. Bryan Armour, director of passive strategies research at Morningstar, noted that the election result has improved the outlook for Bitcoin’s future, driving performance and investor participation.ETF Market Leaders:BlackRock’s iShares Bitcoin Trust (IBIT): Leads the market with $30 billion in net inflows since January.Fidelity Wise Origin Bitcoin Fund (FBTC): The second-largest BTC ETF, with $11 billion in inflows year-to-date.Bitcoin ETFs are closing in on gold ETFs, which currently hold $120 billion in AUM. Bloomberg ETF analyst Eric Balchunas highlighted that Bitcoin ETFs are “97% of the way to surpassing Satoshi as the largest holder and 82% of the way to overtaking gold ETFs.”Market Impact:Bitcoin (BTC) is trading at over $96,000, up nearly 120% year-to-date, according to Google Finance data. BlackRock’s IBIT also recorded its highest-ever daily volume on November 6, just after Trump’s election, with $1.1 billion in inflows.As investors hedge against geopolitical tensions and potential fiat currency debasement, both gold and Bitcoin have gained prominence. JPMorgan’s October report suggested a growing trend toward these assets as part of a “debasement trade,” positioning Bitcoin ETFs as a major force in financial markets.With Bitcoin expected to reach between $100,000 and $150,000 per coin, institutional and retail adoption through ETFs could further strengthen its position as a core financial asset.Read More: UK to Introduce Crypto Regulatory Framework in Early 2025Bitcoin Gains Attention As Modern Inflation Hedge Amid Institutional ShiftBitcoin Expected to Surge Past $100,000 After U.S. Election, Says Galaxy Digital CEO

According to PANews, Steakholder Foods Ltd., a publicly traded company on Nasdaq under the ticker STKH, has announced that its board of directors has approved the purchase of up to $1 million worth of Bitcoin or a cryptocurrency index.Arik Kaufman, the CEO of Steakholder Foods, stated that with the growing demand for cryptocurrencies and their increasing acceptance as an asset class, the company believes that Bitcoin or a diversified basket of cryptocurrencies, including Bitcoin, will serve as a strong financial reserve asset. Kaufman highlighted that the recent approval of cryptocurrency ETFs and the growing support from institutional investors make cryptocurrencies a valuable addition to their financial strategy, aiming to provide practical value storage.Steakholder Foods is an Israeli company specializing in alternative proteins and 3D printing technology. The company is listed on the Nasdaq, reflecting its commitment to innovation and financial growth through strategic investments in emerging asset classes like cryptocurrencies.

According to Odaily, Bitcoin mining company HIVE Digital has announced the purchase of 5,000 Avalon A15-194T ASIC miners from Canaan Inc. This recent acquisition builds on an earlier announcement made at the beginning of the month, where HIVE Digital revealed plans to acquire 6,500 Avalon miners. With this latest purchase, the total number of new Avalon ASIC miners ordered by HIVE Digital in November has reached 11,500 units.This strategic expansion underscores HIVE Digital's commitment to enhancing its mining capabilities and increasing its operational efficiency. The acquisition of these advanced mining machines is expected to bolster the company's position in the competitive Bitcoin mining industry. By integrating the Avalon A15-194T ASIC miners, HIVE Digital aims to optimize its mining operations and improve its overall output.The decision to invest in additional mining equipment reflects the growing demand for Bitcoin and the need for increased computational power to mine the cryptocurrency effectively. As the market for digital currencies continues to evolve, companies like HIVE Digital are positioning themselves to capitalize on emerging opportunities and maintain a competitive edge. This move is indicative of the broader trend within the industry, where mining firms are scaling up their operations to meet the rising demand for Bitcoin and other cryptocurrencies.

According to Odaily, Bitcoin is increasingly being recognized as a high-growth investment tool, highlighting a shift in sentiment among institutional investors. Maruf Yusupov, co-founder of Deenar, noted that Bitcoin's rapid rise following Donald Trump's victory in the U.S. elections may be reshaping traditional views on inflation hedging. Trump's focus on tax cuts, tariffs, and cryptocurrencies is driving interest in Bitcoin as a modern alternative to gold. As institutional adoption accelerates, there could be a significant shift of capital from gold to digital assets.Nigel Green, CEO of deVere Group, also stated that Bitcoin is increasingly seen as a tool for hedging inflation and diversifying investment portfolios. Institutional interest has reached an all-time high, with the infrastructure supporting mass adoption continually expanding. Fadi Aboualfa, Head of Research at Copper.co, echoed these sentiments, emphasizing the growing similarity in price trend patterns between spot Bitcoin and gold exchange-traded funds (ETFs). This convergence suggests a broader acceptance of Bitcoin as a viable asset class, potentially leading to further integration into traditional financial systems.

According to BlockBeats, MicroStrategy's stock price experienced a significant increase in pre-market trading on November 21. The shares rose by 15.17%, reaching a price of $545.7. This surge reflects growing investor interest and confidence in the company's market position. 

On Nov 21, 2024, 7:51 PM (UTC), according to Binance Market Data, Bitcoin (BTC) dropped below 98,000 USDT and is now trading at 97,953.421875 USDT, with a narrowed 4.49% increase in 24 hours.

According to Odaily, Michael Novogratz, the founder and CEO of Galaxy Digital, has expressed optimism about Bitcoin's potential to surpass the significant $100,000 mark following the U.S. election. He emphasized that while reaching a six-figure valuation for Bitcoin seems inevitable, it does not guarantee a continuous upward trajectory. Novogratz highlighted that despite the potential for further gains, a market correction is likely to occur eventually.The cryptocurrency market currently exhibits a high level of leverage, with the crypto community heavily engaged in leveraged trading. This situation suggests that a market adjustment is on the horizon. Novogratz also issued a warning regarding stocks that trade similarly to leveraged Bitcoin transactions, such as MicroStrategy. He cautioned that these stocks might face more substantial adjustments in the near future. The insights provided by Novogratz underscore the volatile nature of the cryptocurrency market and the potential risks associated with leveraged trading strategies.

On Nov 21, 2024, 15:39 PM (UTC), according to Binance Market Data, Bitcoin (BTC) dropped below 96,000 USDT and is now trading at 95,882.5 USDT, with a narrowed 1.21% increase in 24 hours.

According to Odaily, Andrew Kang, a partner at Mechanism Capital, recently shared insights on the X platform regarding MicroStrategy's financial strategy. Kang highlighted that MicroStrategy's valuation has been significantly boosted by its Bitcoin holdings, leading to a continuous rise in its premium rates. This trend has reached unprecedented levels, drawing attention and confusion from traditional financial sectors.Kang pointed out that the traditional finance industry struggles to comprehend the dynamics behind MicroStrategy's approach. The company's strategy of leveraging Bitcoin to enhance its market value is seen as unconventional and has led to a certain degree of inertia within traditional financial circles. This disconnect underscores the challenges faced by established financial institutions in adapting to the rapidly evolving landscape of cryptocurrency investments.MicroStrategy's model, which heavily relies on Bitcoin, has set a precedent that is difficult for traditional finance to grasp fully. As the company continues to capitalize on its cryptocurrency assets, it remains to be seen how traditional financial entities will respond to this innovative yet perplexing approach. Kang's observations shed light on the growing divide between traditional finance and the emerging cryptocurrency market, highlighting the need for adaptation and understanding in the face of new financial paradigms.

On Nov 21, 2024, 2:35 PM (UTC), according to Binance Market Data, Bitcoin (BTC) dropped below 97,000 USDT and is now trading at 96,959.96875 USDT, with a narrowed 2.50% increase in 24 hours.

According to Odaily, J.D. Seraphine, CEO of the cryptocurrency-based AI verification platform Raiinmaker, recently discussed the evolving role of Bitcoin in financial markets. In an interview, Seraphine emphasized that major financial institutions, such as BlackRock, have now included Bitcoin on their balance sheets. This development marks a significant departure from previous Bitcoin cycles. Seraphine pointed out that if one examines Bitcoin's price history, a distinct pattern emerges. Historically, once Bitcoin surpasses its previous all-time high, its price tends to multiply significantly beyond that peak. This observation underscores the potential for substantial price increases following a breakthrough of past records. The inclusion of Bitcoin by large financial entities like BlackRock suggests a growing acceptance and integration of the cryptocurrency into mainstream financial strategies, which could influence its future price trajectory.

According to Cointelegraph, Galaxy Digital's research division projects that Bitcoin layer-2 (L2) networks could see approximately $47 billion in Bitcoin liquidity by 2030. This estimation comes as part of a broader analysis of the Bitcoin L2 ecosystem's growth, which has seen a significant increase in projects and venture capital investments. In its latest report, Galaxy Research highlighted the expansion of Bitcoin L2 ecosystems in 2024, noting a sevenfold increase in projects and around $447 million in venture capital investments to date. The report emphasized that venture funding in Bitcoin L2s has already reached $447 million, with 39% of these investments occurring in the first three quarters of 2024. Between January and September 2024, Bitcoin L2s secured $174 million in funding, with $105 million allocated to sidechains and $63 million to rollups. The second quarter of 2024 marked a pivotal shift, with Bitcoin L2s capturing 44% of all venture capital invested in layer-2s across the crypto industry. This period also saw a 159% increase in investments compared to the first quarter of 2024. Galaxy Research noted that traditional crypto venture capitalists, excluding Bitcoin-focused funds, had minimal exposure to the Bitcoin ecosystem before 2024. Previously, many firms viewed Bitcoin primarily as "digital gold," but the emergence of Bitcoin Ordinals and BRC-20 tokens in 2023 introduced new investment opportunities. Galaxy Digital anticipates that crypto venture capitalists will continue to invest in Bitcoin L2s as the ecosystem matures. The report suggests that as the Bitcoin L2 ecosystem develops, approximately $47 billion in Bitcoin could flow into the L2 ecosystem by 2030. This influx is expected as Bitcoin holders seek yield opportunities for their assets. Galaxy's report further elaborates that if Bitcoin reaches $100,000 by 2030, the total addressable market for Bitcoin L2s could reach up to $47 billion, assuming 2.3% of the total Bitcoin supply is locked in Bitcoin L2s by that time. Despite the rapid expansion of the ecosystem, Galaxy researchers predict that only a few players, between three and five, will dominate the market among the 75 builders currently involved in the space. This projection underscores the competitive nature of the Bitcoin L2 landscape as it continues to evolve and attract significant investment.

On Nov 21, 2024, 11:07 AM (UTC), according to Binance Market Data, Bitcoin (BTC) crossed the 98,000 USDT benchmark and is now trading at 98,080.007813 USDT, with a narrowed 5.32% increase in 24 hours.

According to CoinMarketCap data, the global crypto market cap is $3.19T, a 2.93% increase over the last dayBitcoin (BTC) traded between $92,808 and $97,852 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $97,424, up by 4.42%.Most major cryptocurrencies by market cap are trading mixed. Market outperformers include TROY, CTXC, and DGB, up by 56%, 27%, and 23%, respectively.Top stories of the day:Binance Dominates as Crypto Trading Volumes Surge Amid Bitcoin’s ATH and Market OptimismBitcoin ETFs Surpass $100 Billion in Assets Amid Record HighsBitcoin Open Interest Reaches New HighsEthereum Spot ETF in the U.S. Sees Significant OutflowNVIDIA and MicroStrategy See Significant Trading VolumeBitcoin Market Dominance Reaches Highest Level Since 2021 European Central Bank Predicts Inflation Rate to Remain at 2% by Early 2025 Cryptocurrency Market Remains in Extreme Greed State Bhutan's Bitcoin Holdings Reach Significant GDP Proportion Bitcoin Mining Progress: 95% of Blocks to Be Mined by November 2025Market movers:ETH: $3128.31 (+0.18%)SOL: $242.74 (+2.41%)BNB: $611.28 (-0.13%)XRP: $1.1294 (+2.22%)DOGE: $0.38423 (-1.98%)ADA: $0.7839 (-6.44%)TRX: $0.1987 (+0.25%)WBTC: $97162.91 (+4.35%)SHIB: $0.00002402 (-2.24%)TON: $5.482 (+0.75%)

According to PANews, the total assets of Bitcoin exchange-traded funds (ETFs) in the United States have exceeded $100 billion. This milestone comes after Bitcoin reached an all-time high of $97,000, edging closer to the $100,000 mark. Since their debut in January, 12 Bitcoin ETFs, including those from BlackRock and Fidelity Investments, have achieved this significant milestone within just ten months, marking them as one of the most successful fund categories ever launched.Institutional data reveals that as Bitcoin hit record levels, Bitcoin ETFs recorded a net inflow of $773 million on Wednesday. This surge in investment underscores the growing interest and confidence in Bitcoin as a viable investment option. The rapid growth of Bitcoin ETFs highlights the increasing acceptance of cryptocurrencies in mainstream financial markets, driven by both institutional and retail investors seeking exposure to digital assets. The success of these ETFs reflects the broader trend of digital currencies gaining traction as a legitimate asset class in the global financial landscape.

According to Foresight News, data from Coinglass indicates that the total open interest in Bitcoin contracts across the network has reached 643,200 BTC, approximately valued at $63 billion. This marks a new historical high, with a 24-hour increase of 9.48%.The surge in open interest reflects growing investor engagement and speculation in the Bitcoin market. This increase could be attributed to various factors, including market sentiment, upcoming economic events, or changes in regulatory environments. As Bitcoin continues to capture the attention of both retail and institutional investors, the rise in open interest suggests heightened activity and potential volatility in the market.Market analysts often view open interest as a key indicator of market sentiment and potential price movements. A rise in open interest can signal increased confidence or speculation among traders, potentially leading to significant price fluctuations. As the cryptocurrency market evolves, monitoring such metrics becomes crucial for understanding market dynamics and making informed investment decisions.

On Nov 21, 2024, 04:56 AM (UTC), according to Binance Market Data, Bitcoin (BTC) crossed the 97,000 USDT benchmark and is now trading at 97,157.867188 USDT, with a narrowed 5.46% increase in 24 hours.