Bitcoin Hits $93K as ETF Inflows Surge, Overtaking Saudi Aramco in Market Cap Rankings
Bitcoin (BTC) continues its meteoric rise, reaching unprecedented levels in price and dominance. Surpassing $93,000 for the first time, it has now become the seventh-largest asset globally by market capitalization, outpacing oil giant Saudi Aramco. Bitcoin’s market dominance climbed to 61.38%, reinforcing its position as the leading digital asset.
Spot ETFs Drive Demand
The recent surge is largely attributed to the explosive growth in U.S. spot-listed exchange-traded funds (ETFs). In the last six days alone, these ETFs have witnessed $4.7 billion in net inflows, including $510.1 million on Wednesday. This brings the total inflow for 2024 to an impressive $28.2 billion, highlighting robust institutional participation.
BlackRock’s iShares Bitcoin Trust (IBIT) leads the charge, setting new records with $5 billion in daily trading volume, making it one of the most traded financial instruments of the day. Bloomberg’s Eric Balchunas noted:
“IBIT hitting $5B in volume underscores the relentless demand for bitcoin-backed ETFs. It’s a historic milestone that reflects the growing mainstream acceptance of digital assets.”
Favorable Regulatory Climate Boosts Optimism
Investor confidence has also been buoyed by the pro-crypto rhetoric of U.S. President-elect Donald Trump and the Republican majority in the House, creating anticipation for a more favorable regulatory landscape.
Ripple Effects Across the Crypto Market
Bitcoin’s rally has spurred renewed interest in other cryptocurrencies. Ethereum (ETH) spot ETFs saw $146.9 million in inflows on Nov. 14, pushing total inflows for the year to $241.7 million, according to Farside data.
Analysts Predict a Spot-Driven Rally
Market observers point to the current rally being fueled by spot demand rather than derivatives. Analyst Checkmate explained:
“This is a classic spot-led rally. ETF inflows are soaking up selling pressure from long-term holders, driving prices higher without significant futures market influence.”
Path to $100K?
As ETF adoption accelerates and bitcoin’s market cap continues to grow, many are speculating that the $100,000 milestone is within reach. With institutional demand surging and a supportive regulatory environment taking shape, bitcoin’s ascent appears far from over.
