30s Summary

Bitcoin has become the seventh largest asset globally, overtaking Saudi Aramco, and holding 61.38% dominance in the crypto market. Driven by President-elect Donald Trump’s pro-crypto stance and Republican victory in the House, Bitcoin’s value has risen to over $93,000. The huge inflows into U.S. spot-listed Bitcoin ETFs, totaling $4.7 billion in the last six trading days, are fuelling this rising demand. Ethereum’s ether is also gaining momentum, with a total inflow of $241.7 million to U.S. spot-listed products.

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Bitcoin’s knocking it out of the park, guys! It’s just become the seventh largest asset in the world, leaving Saudi Aramco in the dust. Also, Bitcoin’s dominance in the crypto industry has hit a high of 61.38% and its price just blasted past $93,000 this Wednesday.

One of the main reasons for this amazing run is because of U.S. President-elect Donald Trump’s pro-crypto stance during his campaign. Now that the Republicans have won the House, things are looking up for cryptocurrency due to the potential for favorable regulation.

Another trigger for Bitcoin’s success is the massive inflow of cash into U.S. spot-listed exchange-traded funds (ETF). In just the past six trading days, over $4.7 billion have flowed into Bitcoin ETFs, including a whopping $510.1 million on Wednesday alone. Since their launch earlier this year, they’ve pulled in a mind-blowing $28.2 billion in total.

Analyst Checkmate argues that most of the demand is in fact coming from the ETFs. The rally in Bitcoin prices is definitely being driven by these ETFs. Even BlackRock’s iShare Bitcoin Trust (IBIT) keeps setting new records in trading volume, touching $5 billion for the first time.

And it’s not just Bitcoin that’s been killing it. Ethereum’s ether is also seeing renewed interest in U.S. spot-listed products, with a total inflow of $241.7 million.

So guys, seems like the crypto ride isn’t slowing down anytime soon. Hold tight!