First Mover Americas Reports Bitcoin Trading at $91K with Persistent ETF Inflows.

Crypto Market Highlights: November 14, 2024

Bitcoin (BTC) is holding strong at around $91,000 after a brief dip to just over $89,000, maintaining momentum despite being 2% shy of its recent record high of $93,445 achieved on Wednesday. Over the last 24 hours, BTC has posted a 4.5% gain, underscoring robust demand. U.S. Bitcoin ETFs have continued their influx streak, pulling in $510 million on Wednesday and bringing the six-day inflow total to an impressive $4.7 billion. Analyst Checkmate notes that ETFs are the primary force behind Bitcoin’s current rally, with minimal growth in CME open interest, indicating a rally driven by direct spot buying activity.

In U.S. politics, the Republican party has clinched a majority in the House of Representatives, solidifying its hold over the executive and legislative branches following Donald Trump’s presidential victory and Senate gains. This consolidation is expected to favor cryptocurrency regulation, as the House has been instrumental in advancing crypto-related bills. The GOP’s leadership suggests continued momentum in crafting a regulatory framework that aligns with industry needs.

Institutional investors are ramping up their focus on digital assets. Sygnum’s annual survey revealed that 57% of respondents plan to increase their crypto allocations, signaling rising confidence in the market’s long-term potential. The survey, which polled over 400 professional investors across 27 nations, found that 65% remain bullish over the long haul, and 63% are eyeing new allocations within the next three to six months.

Chart Spotlight: Bitcoin’s Rising Popularity

Recent Google Trends data show a notable increase in U.S. search activity for “bitcoin,” surpassing levels seen during the Terra/Luna crash of June 2022. This uptick in retail interest could lead to heightened market activity, with rising volumes potentially driving prices to new heights and sparking broader market enthusiasm.