Bitcoin has hit an all-time high of $93,400, after a rapid rise from $68,000 in less than ten days.
This rapid growth has sparked a wave of optimism among investors, with the fear of missing out (FOMO) rising dramatically.
The growing demand for spot Bitcoin ETFs in the US has been one of the main drivers of this surge.
However, market data showed significant outflows from these funds, although still less than inflows.
ETF trading volumes hit a record high of over $8.2 billion, matching the previous peak in March 2023, which could signal a potential correction in the near term.
📊 Bitcoin's 7 largest ETF's have combined for $8.21B, the largest day since the day BTC peaked at the March 14th then all-time high of $73.7K. This indicates massive polarity between buyers and sellers, and if history repeats, could signal the $93.4K level as a temporary top. pic.twitter.com/SvZXGafnEN
— Santiment (@santimentfeed) November 13, 2024
With Bitcoin up 35% in eight days, predictions that the currency will hit $100,000 have become widespread.
But experts warn against excessive greed that often precedes painful corrections.
Historically, waves of extreme optimism have led to temporary declines, and it seems that the current trend may not be an exception, especially with the price already falling below $90,000.
