The post Bitcoin Bull Run Boosts ETF Inflows to $773M Amid Historic $97K Rally appeared first on Coinpedia Fintech News
Bitcoin is showing signs of a bigger breakout! Today it soared to a record-breaking ATH of $97,858, with its market cap climbing to $1.91 trillion, marking a 4.74% jump in hours. Trading volume has surged by 17.88%, hitting $88.38 billion in the past 24 hours.
But that’s not all Bitcoin’s historic rally has pushed US Bitcoin ETFs past $100 billion in total assets, just 10 months after launching in January. On Wednesday alone, these ETFs saw $773 million in inflows as Bitcoin hit a record $97,892.
But what’s driving this bull rally, and how close are we to seeing Bitcoin hit that $100K milestone?
Trump’s Pro-Crypto Wave Fuels Market Optimism
Bitcoin is riding a bullish wave since President-elect Donald Trump’s plans to foster the crypto industry. Discussions about creating a White House digital-asset policy position have further boosted the market sentiments.
Trump, now considered one of crypto’s most prominent advocates, has energized investors and industry insiders alike. According to Caroline Bowler, CEO of BTC Markets, “This price rally is being fed by the frequent pro-crypto news linked to the incoming Trump administration.”
Bitcoin has surged 129% in 2024, outpacing traditional assets like gold and stocks. Since Election Day, US-listed Bitcoin ETFs have attracted over $4 billion in inflows, reflecting growing confidence in crypto-friendly legislation.
BlackRock Dominates Bitcoin ETF Inflows
BlackRock’s IBIT ETF continues to lead the charge, securing $626.52 million in inflows on November 20 alone. With cumulative inflows now surpassing $30 billion, BlackRock remains the dominant player in the Bitcoin ETF space.
Other ETFs also performed well, with Fidelity’s FBTC ETF garnering $133.94 million, and ARK’s ARKB and Bitwise’s BITB posting inflows of $9.25 million and $3.77 million, respectively. Total Bitcoin ETF trading volume jumped to $5.71 billion on November 20, marking a significant increase from the previous day’s $4.78 billion.
Ethereum ETFs Face a Different Story
While Bitcoin ETFs thrive, Ethereum ETFs tell a different tale, with spot ETFs seeing outflows for the fifth consecutive day. Fidelity’s FETH led the decline, losing $30.75 million on November 20, while Grayscale’s ETHE recorded $16.29 million in outflows. Despite the bearish sentiment, BlackRock’s ETHA ETF attracted $16.74 million in inflows, bucking the trend.
Also Read : BCH Price Surges Past $500: Eyes $541 and New 52W High ,
What’s Next for BTC?
Bitcoin continues its march toward $100,000, currently trading at $97,659 after a 5.6% rise in the past 24 hours. In contrast, Ethereum remains steady at approximately $3,107, reflecting a pause in its upward trajectory. Investors are keeping a close watch on the market as Bitcoin maintains its dominance and sets new benchmarks for the crypto industry.
With BTC breaking $97K, the road to $100K is not far and many analysts are expecting BTC to double by year-end. What do you think?
FAQs
The BTC price may range between $94,500 and $100,000 for today.
Amid increased whale activity and adoption, the price of BTC tokens has reclaimed the $89k level during the early Asian trading hours.
As per Coinpedia’s BTC price prediction, 1 BTC could peak at $135,449.