Bitcoin ETF Demand at High Point Pushes BTC to New ATH Above $93,000

Bitcoin prices hit another all-time high in the afternoon on Wednesday, November 13, when it reached $93,477, according to CoinGecko.

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

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

ETFs Driving Bitcoin Demand

Bitcoin ETFs are by far the biggest driver of demand right now, “absorbing nearly all of the long-term holders’ selling,” analyst James Check observed on November 14.

The #Bitcoin ETFs are by far the biggest driving force $BTC demand right now, absorbing almost all of the long-term holders’ selling.

CME open interest is not growing significantly, reinforcing that this is a points-driven rally. pic.twitter.com/LpD4xrO7dC

— _Chess and checkmate ⚡☢️️ (@_Escacmatey_) November 13, 2024

Wednesday was another heavy day for spot ETF inflows, with $510 million flowing into the eleven Bitcoin funds in the US. A whopping $4.7 billion has flowed into 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, is larger than 2,800 ETFs launched in the last ten years.

He added that things seemed to cool down until IBIT reached $5 billion in daily volume for the first time. The BlackRock Bitcoin ETF saw an inflow of $230 million on November 13.

I thought things were cooling down, but no, $IBIT just saw $5 million in volume today for the first time. Only 3 ETFs and 8 stocks saw more action today. Up to $13 million in 3 days this week. His peers also see higher volume, but a smaller scale. $FBTC made $1 billion, its biggest day since March. pic.twitter.com/9SQP5oPsMM

— Eric Balchunas (@EricBalchunas) November 13, 2024

Blockchain betting platform Polymarket now has a 61% chance of Bitcoin reaching six figures by the end of this month, and is currently only 10% away from that milestone.

Total head back to peak

Altcoins are still lagging behind with Bitcoin’s dominance surging over 61% from its new high price. However, the total market capitalization has returned to its all-time high of $3.12 trillion.

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

That’s apart from meme coin PEPE, which shot up 74% after listing on Coinbase and Robinhood. Dogwifhat (WIF) is also up 35% on the day as Coinbase listed it and added meme coin support to Solana.

Economist Alex Krüger noted how meme currencies seem to dominate this cycle.

Bitcoin aside, crypto right now is mostly about memecoins. This is what people want. final point

And the exchanges are giving them. This is 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 cheering”…

— Alex Krüger (@krugermacro) November 13, 2024

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