Original Author: 1912212.eth, Foresight News
After Trump's victory, the cryptocurrency market has recently experienced a significant surge. Bitcoin, Ethereum, Meme coins, re-staking, DeFi, RWA, L2, AI—almost all major sectors have seen a general increase, with the only difference being the extent of the rise.
So, how is the overall data performance of the cryptocurrency market today? Let's take a closer look.
Bitcoin Spot ETF Sees Over $600 Million Net Inflow in a Single Day
Since October, Bitcoin spot ETF data has shown large net inflows, with the net inflows far exceeding net outflows in both amount and duration.
At the beginning of November, due to uncertainties surrounding the U.S. elections, there was a net outflow over 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, nearly offsetting the net outflow in just one day.
The total trading volume on that day reached $6.07 billion, a new high since March 15 of this year. Among them, BlackRock's ETF IBIT had a single-day trading volume of $4.14 billion, setting a historical record.
After the election results were confirmed, off-exchange funds shifted from hesitation to once again flooding into the market. Currently, the cumulative total net inflow for Bitcoin spot ETFs has risen to $24.12 billion.
Stablecoin Market Cap Approaches Historical High
Stablecoins, which measure market liquidity, have also performed well. The total market cap has risen above $175.06 billion, nearing the historical high of $187 billion. Over the past seven days, its market cap increased by 1.47%, indicating a continuous inflow of funds.
Among them, USDT's market cap 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, an increase of over $800 million.
USDC data also performed well, rising from a low of $34.38 billion to $36.7 billion over the past month, an increase of over $2 billion. The inflow of U.S. funds remains strong.
Total Market Cap of Cryptocurrency Rises to $2.5 Trillion, Approaching Historical High
The peak total market cap of the last cryptocurrency cycle 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: Expecting a Large Release of Capital into Crypto Following Trump's Election
As the industry anticipates a less hostile stance from federal agencies towards cryptocurrencies, this trend is expected to facilitate more capital inflow into the Web3 space. Analysts state: "We expect a large amount of capital to be released for the crypto sector in the short term. Additionally, this may influence the approach taken by the U.S. SEC, which is generally perceived as hostile towards the crypto industry."
Matrixport: BTC Adoption Rate Nears 8%, Trump's Support May Propel BTC Price Beyond $100,000
Matrixport's weekly report indicates that the Bitcoin adoption rate is nearing the critical 8% threshold, with Trump's support potentially driving the price higher. The report shows that approximately 7.51% of the global population (617 million people) uses cryptocurrencies, close to the 8% adoption rate. Reaching this threshold could mark a turning point for Bitcoin towards mainstream application. Furthermore, Trump has pledged to include Bitcoin in the national financial reserves, support Bitcoin mining, and plans to establish a consulting committee to support cryptocurrencies at the 2024 Bitcoin conference. Meanwhile, a Wyoming senator has proposed the "2024 Bitcoin Act," aiming to establish a strategic Bitcoin reserve by purchasing 1 million Bitcoins over five years. The report predicts that under this supportive environment, Bitcoin could reach $100,000 in the coming months.
10x Research: Market Narrative Shifts, Bitcoin Aiming for $100,000
10x Research states that as ETF demand grows exponentially, Bitcoin is expected to follow suit, potentially reaching $101,694 by the end of January 2025. A strong bullish window is anticipated to continue into the first quarter of 2025. The narrative is shifting from positioning DeFi as an external alternative to the traditional financial system to viewing 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, Warns of Full-Position Buying Risks
Ki Young Ju, CEO of crypto analytics platform CryptoQuant, tweeted that new investors often hold Bitcoin during bear markets and tend to sell after experiencing losses when the market stabilizes, usually about two years later. He believes that now is the time for this transition, suggesting that Bitcoin could rise another 30-40% from current levels, but will not replicate the 368% increase from the $16,000 starting point. He advises investors to consider gradually selling rather than continuing to "buy the dip."
Meme Coin KOL Murad: Bitcoin Will Exceed $100,000
Meme coin KOL Murad tweeted that Bitcoin will exceed $100,000, while top meme coins will rise over 100 times. This tweet received over 6,000 likes.
Trader Ansem: An Unprecedented Altcoin Bull Market Awaits if Regulations Favorable
Ansem tweeted that if favorable DeFi regulations are enacted in the U.S. in the coming years, we will see an unprecedented altcoin bull market.
Trader Eugene: Don't Underestimate Breaking Historical Highs
Trader Eugene tweeted yesterday that during the most uncertain times in the market, one must follow the oldest rule: do not underestimate Bitcoin breaking historical highs.
Trader Nachi: The Real Super Cycle Begins
Trader Nachi tweeted that Trump's overwhelming victory marks the beginning of a real super cycle, expected to last at least four years.
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