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Crypto market leader Bitcoin (BTC) has become the seventh largest asset by market capitalization as US spot Bitcoin ETF (exchange-traded fund) inflows reach $4.7 billion over the past six days.
Bitcoin surpassed Saudi Aramco with its valuation of $1.803 trillion after the leading crypto reached a market capitalization of $1.809 trillion, according to data from Companies Market Cap.
This comes after the flagship crypto recorded a more than 4% gain throughout the past 24 hours to trade at $91,494 as of 8:24 a.m. EST.
Republican Trifecta And Donald Trump Victory Fuel Optimism In The Crypto Market
BTC’s 24-hour performance is an extension of the rally the crypto has been in over the past week. Much of this momentum started after pro-crypto Republican Donald Trump won the US presidential election on Nov. 5. Republicans have since also won the House, completing the trifecta and fueling optimism of more favorable crypto policy in the US.
The Crypto Fear and Greed Index shows that sentiment has gone from a “Greed” reading of 65 prior to the US elections to an “Extreme Greed” reading of 88 today.
Should this positive sentiment be maintained through the course of the next few weeks, BTC’s capitalization might end up surpassing that of Google, which is under $400 billion more than BTC’s.
Spot Bitcoin ETF Inflows Surge
Another factor contributing to BTC’s rising market cap is a spike in spot BTC ETF net inflows. In just the last 6 days, these investment products have seen $4.7 billion enter their reserves collectively, according to Farside Investor data.
Good morning,
Yesterday's Bitcoin ETF flows were positive for $510.1 million.
Blackrock did $230.8 million, Fidelity $186.1 million and BTC (mini-ETF) $61.3 million.
Price jumped from $87k to $93k before crashing back down to $89.7k now.
source: @FarsideUK pic.twitter.com/BMgk1E6M52
— WhalePanda (@WhalePanda) November 14, 2024
BlackRock’s IBIT fund recorded the majority of the inflows during this period and posted $756.5 million, $778.3 million and $230.8 million net inflows on Nov. 11, Nov. 12, and Nov. 13, respectively.
IBIT also registered an impressive $1,119.9 million of inflows On Nov. 7 amid crypto market euphoria over Trump’s win.
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