Bitcoin frenzy spun $1b volume in 25 minutes for BlackRock’s ETF

Bitcoin’s multi-day rise to new highs in a row has captured the attention of Wall Street, as billions of dollars have flowed into crypto ETFs since the beginning of November and the US election.

Bitcoin (BTC) investors traded $1 billion from BlackRock’s IBIT fund in the first 25 minutes of trading on the US market, continuing the BTC-led trend encouraging retail and institutional capital deployment. Initial volumes on Tuesday, November 12 followed staggering numbers from Monday, November 11, as Bitcoin recorded its biggest single-day and weekly gains in its 15-year history.

Inflows into US spot BTC exchange-traded funds exceeded $1 billion for the second time this month. Wall Street’s spot BTC ETF group hit $90 billion in assets in mid-November, nearly 10 months after trading began.

It took nine years for Bitcoin to reach $20,000. Over the past seven days, BTC added another $20,000, rising almost 24% to reach an all-time high of $89,864. The token appeared poised for a rally towards $90,000, although some long-term holders booked profits.

Bitcoin strengthens the crypto market

The crypto market saw renewed enthusiasm following the US general election. The victory of a group of pro-BTC and crypto-friendly politicians, including President-elect Donald Trump, appears to have alleviated the reputational risks associated with digital assets.

The entire crypto market has rallied with Bitcoin’s explosive rise. Data showed that the total crypto market value stood at $3.04 trillion at press time, surpassing the previous peak in 2021.

While BTC accounted for the bulk of the nearly $600 billion in new capital flows into cryptocurrencies, altcoins came in second.

Major altcoins like Ethereum (ETH), Solana (SOL), and even leaders like Dogecoin (DOGE) jumped double to triple digits last week.

But experts like Thomas Perfumo, Kraken’s head of strategy, said altcoin demand during this bull run is still in its infancy. Perfumo suggested that the entry of young investors into the crypto space, supporting legislation like Senator Cynthia Lummis’ BTC reserve bill, and growth in the overall blockchain industry will take familiar patterns to greater heights, according to comments shared via email with crypto.news.

We see a typical cycle taking place. Bitcoin is leading this market rally, which is often preceded by capital flows into other tier 1s like Ethereum and Solana before returning to altcoins. We haven’t seen peak FOMO indicators ringing alarm bells.

Thomas Perfumo, chief strategy officer at Kraken

24-hour BTC price chart – November 12 | Source: crypto.news