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Bitcoin's approach to the historical mark of $100,000 is motivated by the unprecedented level. inflow from the Bitcoin ETFs and institutional strong request. Despite facing a profit near $99,334 – an all-time high – BTC has shown resilience, holding up near $96,000 over the weekend, before recovering slightly strength in early Monday trading. With BTC now up 47 percent from the pre-election low of $66,880 and an incredible 130 percent year to date, it is charting new territory. Better performance than BTC compared to traditional assets is undeniable: Bitcoin is now Saudi Aramco has declined in market capitalization, cementing its place as the seventh largest asset globally, with a peak valuation exceeding $1.9 trillion and having it did better than gold and silverin relative terms this quarter.
While Bitcoin's rally has been spectacular, it hasn't come without it profiting from long-term holders (LTHs). Over 461,000 BTC has been spent so far, following the break of the 73,666 ATH last month, as LTHs are taking advantage of gains well above their $24,912 price. Although there is a high distribution pressure, it is still in comparison with historical peaks in March 2021 and March 2024. These movements suggest a healthy, but temporary, condition. stop momentumwith the broader market likely to accept selling pressure and continue upward in the medium term.
The broader cryptocurrency market, which does not include Bitcoin and Ethereum is known as the Total3 index, as well accomplished new cycle highs, driven by growing investor awareness. Total3 saw a 23.2 percent rise year-over-year last week – the biggest move since April 2021. Large-cap altcoins, such as Solana (SOL), reached new highs, marking an important moment as they crossed key resistance levels, including the April 2022 high.
Altcoin market capitalization is now near the May 2021 peak of $984 billion, suggesting conversion in speculative capital from Bitcoin to altcoins. Historically, such a distribution has marked the beginning of a “bullish period,” a period marked by large gains in altcoins relative to Bitcoin.
In fact annual funding rates for large-cap altcoins are moving past the 45 percent mark, indicating higher speculative activity. As retail participation grows, lower period volatility is expected to increase, fueling more altcoin momentum. However, these conditions are very cautious, since real funding levels are often before a sharp correction.
The US economic landscape is also currently shaped by mixed signals, with mixed data across consumer sentiment, manufacturing activity, and the housing market, showing a mix of optimism and ongoing challenges. User feedback rose in November to 71.8, driven by optimism among Republicans after Trump's election, although long-term inflation was expected straight up to 3.2 percent, reflecting concerns about his policies. Manufacturing activity reduced, with the general activity schedule drop to -5.5but positive trends in orders and employment and strong prospects for future growth indicate resilience. The housing market is the opposite great challengeswith an October decline in housing starts and approvals due to high mortgage rates and hurricane foreclosures, exacerbating the nationwide housing shortage. These trends show hope in some areas but ongoing structural challenges elsewhere.
In crypto news last week, the SEC delay his decision on the BTC-Ethereum combined ETF proposed by Franklin Templeton, despite giving permission to include BTC ETF options. Meanwhile, South Korea plans to implement a 20 percent cryptocurrency gains tax in 2025, but is increasing the exemption threshold to 50 million won (~$35,919) to minimize the impact on small investors. Legislative votes are scheduled for this month. And as mentioned, the Cboe will launch options based on currencies linked to see Bitcoin on December 2, offering effective tools for price exposure and risk management. These developments underscore the increasing integration of crypto into mainstream finance.
Happy Trading!
The post Bitfinex Alpha | BTC Transferred by ETF Flows & Institutional Demand appeared first Bitfinex blog.
