SUMMARY
- Bitcoin is now the seventh-largest global asset, surpassing Saudi Aramco, with dominance at 61.38%.
- S. spot-listed ETFs recorded over $4.7 billion in net inflows over six trading days.
Bitcoin (BTC) is booming, overtaking oil behemoth Saudi Aramco to become the seventh-largest asset in the world by market capitalization. With its price reaching a record of more than $93,000 on Wednesday, the cryptocurrency’s dominance has increased to a new high of 61.38%. The pro-crypto stance taken by U.S. President-elect Donald Trump during the election campaign is a significant component driving this trend. Due to expected supporting regulation, the recent Republican victory in the House, which gave them total power, adds to the positive prognosis for cryptocurrencies.
The significant inflow into U.S. spot-listed exchange-traded funds (ETFs) has also played a crucial role. In the past six trading days alone, bitcoin ETFs have attracted $4.7 billion in net inflows, with over $510.1 million recorded on Wednesday. These figures contribute to a total of $28.2 billion in net inflows since their introduction in January, as per data from Farside. The shift indicates a departure from the basis trade—a net neutral strategy—to more net long positions as the year progresses.
ETF demand is currently the main factor driving bitcoin’s positive trajectory, according to analyst Checkmate. Since they absorb practically all of the selling by long-term holders, Bitcoin ETFs are currently by far the main factor fueling demand for the cryptocurrency. This is a spot-driven surge, as evidenced by the lack of significant growth in CME open interest, Checkmate wrote in an X post.
Further evidence of the ETF-driven surge comes from BlackRock’s iShares Bitcoin Trust (IBIT), which has reached unprecedented trading volumes. According to Bloomberg senior analyst Eric Balchunas, IBIT achieved $5 billion in daily trading volume for the first time, ranking just behind three other ETFs and eight stocks for the most active trading. “I thought things were cooling off, but no, IBIT just saw $5 billion in volume today for the first time. Only 3 ETFs and 8 stocks saw more action today. Up to $13 billion in 3 days this week. Its peers see heightened volume too but smaller scale. FBTC did $1 billion, biggest day since March,” Balchunas stated.
Ethereum (ETH) is also drawing attention in the ETF space. On November 14, U.S. spot-listed products reported $146.9 million in ether inflows, raising the total to $241.7 million. This indicates a growing interest in diverse crypto assets amid a bullish climate driven by strategic ETF participation.