Having topped $100,000 overnight ($peaking at $103,800).
…bitcoin is not just at record highs vs the USDollar, but also relative to gold…
…and, arguably, the recent surge is down to one man (BTC is up 55% since the election), and – as always – he is not shy about mentioning it…
The rally has added $1.4 trillion to the crypto ecosystem’s market cap and pushed bitcoin above Saudi Aramco as the 7th largest ‘asset’ in the world.
Not everyone is happy though…
Lizzy will not love this either – flows into BTC ETFs have exploded since Trump was elected…
And one ETF in particular has benefited greatly.
BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed $50 billion in assets under management, achieving the milestone in just 228 days – more than five times faster than any other ETF in history.
For context, it took GLD five and a half years to reach that level of AUM…
Speaking to Decrypt, Bitfinex analysts noted that fresh demand from new investors has played a major role in Bitcoin’s record-breaking year.
“The ability of BTC to make new ATHs every week, despite profit-taking, is due to the fresh demand coming into the market from new investors,” the analysts said.
“Any selling has been absorbed and outpaced by strong ETF inflows and subsequent buying from institutions.”
