After Trump's victory, the cryptocurrency market saw a massive surge recently. Bitcoin, Ethereum, Meme, re-staking, DeFi, RWA, L2, AI, and almost all major sectors saw a broad increase, with the only difference being the magnitude of the gains.
Bitcoin spot ETF saw a single-day net inflow of over $600 million.
Data on Bitcoin spot ETFs has shown significant net inflows since October, with net inflows far exceeding net outflows in both amount and duration.
At the beginning of November, due to the uncertainties of the U.S. elections, there was a net outflow for three days, totaling about $700 million. However, after the election results were confirmed on November 6, the single-day net inflow reached an astonishing $621.9 million, almost wiping out the net outflow difference in a single day.
The total trading volume for the day reached $6.07 billion, the highest since March 15 of this year. Among them, BlackRock's ETF IBIT had a single-day trading volume of $4.14 billion, setting a new historical high.
After the election results were confirmed, off-market funds shifted from a state of hesitation to re-entering the market. Currently, the total net inflow for Bitcoin spot ETFs has risen to $24.12 billion.
The market capitalization of stablecoins is approaching its historical high.
Stablecoins, which measure market stability, also performed well. The total market capitalization has risen above $175.06 billion, nearing the historical high of $187 billion. Over the past seven days, its market value has increased by 1.47%, indicating a continuous inflow of funds.
Of this, USDT's market capitalization rose from $120 billion to $121.5 billion over the past month. Notably, on November 7, its market cap surged from $120.6 billion to $121.4 billion in a single day, increasing by over $800 million.
USDC data also performed well, increasing from a low of $34.38 billion to $36.7 billion over the past month, growing by over $2 billion. The inflow intensity from U.S. funds remains strong.
The total market capitalization of the cryptocurrency market has risen to $2.5 trillion, nearing its historical high.
The peak total market capitalization of the last cycle in the cryptocurrency market was $2.86 trillion. In April of this year, the total market cap briefly reached $2.7 trillion, and it has now risen above $2.5 trillion, not far from the historical high.
Institutional and trader perspectives.
Bitfinex analyst: After Trump's election, a large amount of capital is expected to be released for the cryptocurrency sector in the short term.
As the industry expects federal agencies to adopt a less hostile stance towards cryptocurrencies, this trend is anticipated to facilitate more capital inflow into the Web3 space. Analysts state: 'We expect a significant amount of capital to be released for the cryptocurrency sector in the short term. Additionally, this may impact the practices adopted by the U.S. SEC, which the industry generally perceives as hostile towards the cryptocurrency sector.'
Matrixport: BTC adoption rate is close to 8%, and Trump's support may drive BTC prices to break $100,000.
Matrixport weekly report shows that Bitcoin adoption is close to the critical 8% threshold, and Trump's support may drive prices to break through. The report indicates that about 7.51% of the global population (617 million people) use cryptocurrency, nearing the 8% adoption rate. Reaching this threshold could mark a turning point for Bitcoin towards mainstream application. Additionally, Trump promised to include Bitcoin in the national financial reserves, support Bitcoin mining, and plans to establish an advisory committee for cryptocurrency at the 2024 Bitcoin conference. Meanwhile, a Wyoming senator proposed the 2024 Bitcoin bill aimed at establishing a strategic Bitcoin reserve, planning to purchase 1 million Bitcoins within five years. The report predicts that in this supportive environment, Bitcoin could reach $100,000 in the coming months.
10x Research: Market narrative shifts; Bitcoin aims for $100,000.
10x Research states that as ETF demand grows exponentially, Bitcoin will follow suit, predicting that by the end of January 2025, Bitcoin could reach $101,694. A strong bullish window will continue into the first quarter of 2025. The narrative is shifting from positioning DeFi as an external alternative to the future and traditional financial systems to focusing on Bitcoin as digital gold. This framework positions Bitcoin as a permanent, long-term asset in institutional portfolios.
CryptoQuant CEO: Advises Bitcoin holders to gradually sell and warns against the risks of buying all at once.
Crypto analysis platform CryptoQuant CEO Ki Young Ju tweeted that new investors often hold Bitcoin during bear markets and will trade it after experiencing losses when the market stabilizes, which typically occurs about two years later. He believes that now is the time for this transition, and Bitcoin could rise another 30-40% from current levels, but will not replicate the 368% increase from $16,000. He advises investors to consider gradually selling rather than continuing to 'buy the dip' all at once.
Meme coin KOL Murad: Bitcoin will exceed $100,000.
Meme coin KOL Murad tweeted that Bitcoin will exceed $100,000, and top meme coins will rise over 100 times. The tweet received over 6,000 likes.
Trader Ansem: If regulations are favorable, we will see an unprecedented altcoin bull market.
Ansem tweeted that if the U.S. implements favorable regulations for DeFi in the coming years, we will see an unprecedented altcoin bull market.
Trader Eugene: Do not underestimate breaking through historical highs.
Trader Eugene tweeted yesterday that during the most uncertain times in the market, you must follow the oldest rules of the market. Do not underestimate Bitcoin breaking through its historical highs.
Trader Nachi: The real supercycle begins.
Trader Nachi tweeted that Trump's overwhelming victory marks the beginning of a true supercycle that will last at least four years.
