High Spot Bitcoin ETF Demand Pushed BTC to New ATH Above $93K

Bitcoin prices hit another all-time high in late trading on Wednesday, Nov. 13, when it tapped $93,477, according to CoinGecko.

However, the asset had since retreated to around $90,000 during the Thursday morning Asian trading session.

The correction was a blip as BTC continued higher adding to its 20% weekly gains. Bitcoin has now added a whopping $24,000 since the beginning of November, spurred primarily by Donald Trump’s US presidential election victory.

ETFs Driving Bitcoin Demand

Bitcoin ETFs are by far the majority driving force of demand right now, “soaking up almost all of the selling by long-term holders,” observed analyst James Check on Nov. 14.

The #Bitcoin ETFs are by far the majority driving force of $BTC demand right now, soaking up almost all of the selling by Long-Term Holders.

CME open interest is not growing meaningfully, reinforcing that this is a spot driven rally. pic.twitter.com/LpD4xrO7dC

— _Checkmate (@_Checkmatey_) November 13, 2024

Wednesday was another bumper day for spot ETF inflows, with $510 million entering the eleven Bitcoin funds in the US. A whopping $4.7 billion has entered these spot Bitcoin ETFs over the past six consecutive trading days, according to Farside Investors.

Bloomberg ETF analyst Eric Balchunas commented that BlackRock’s IBIT fund is now in the top 1% of all ETFs by assets, and at 10 months old, it is bigger than all 2,800 ETFs launched in the past ten years.

He added that things were seeming to cool off until IBIT hit $5 billion in daily volume for the first time ever. The BlackRock Bitcoin ETF saw an inflow of $230 million on Nov. 13.

I thought things were cooling off, but no, $IBIT just saw $5b in volume today for first time ever. Only 3 ETFs and 8 stocks saw more action today. Up to $13b in 3 days this week. Its peers seeing heightened volume too but smaller scale. $FBTC did $1b, biggest day since March. pic.twitter.com/9SQP5oPsMM

— Eric Balchunas (@EricBalchunas) November 13, 2024

Blockchain betting platform Polymarket now has 61% odds that Bitcoin will reach six figures by the end of this month, and it is just 10% away from that milestone at the moment.

Total Cap Back at Peak

The altcoins are still being left behind with Bitcoin dominance topping 61% with its new price peak. However, total market capitalization has returned to its all-time high of $3.12 trillion.

Ethereum climbed to $3,300 but retreated back to $3,200 during Thursday morning trading. Solana (SOL) and Cardano (ADA) are showing 3-4% daily gains, but the rest of the altcoins remain flat.

That is aside from the PEPE meme coin, which skyrocketed by 74% following a listing on Coinbase and Robinhood. Dogwifhat (WIF) has also surged 35% on the day as Coinbase listed it and added support for the meme coin on Solana.

Economist Alex Krüger observed how meme coins appear to be dominating this cycle.

Bitcoin aside, crypto now is mostly about memecoins. That’s what people wants. Full-stop.

And exchanges are giving it to them. That’s what the Binance listings of PNUT and ACT and the Coinbase listings of PEPE and WIF tell you.

“Anyone can make it big, don’t stop hustling”.…

— Alex Krüger (@krugermacro) November 13, 2024

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