First Mover Americas: Bitcoin Trades Around $91K as ETF Inflows Remain Strong
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Bitcoin traded either side of $91,000 after recovering from a dip to just above $89,000. BTC is 2% lower than its all-time high of $93,445, which it reached during the U.S. afternoon on Wednesday, but remains over 4% higher in the last 24 hours. Bitcoin ETFs recorded another $510 million of inflows Wednesday, taking the total for the last six days to $4.7 billion. “The Bitcoin ETFs are by far the majority driving force of bitcoin demand right now, soaking up almost all of the selling by Long-Term Holders. CME open interest is not growing meaningfully, reinforcing that this is a spot-driven rally,” analyst Checkmate said in a post on X.
The Republican party secured a majority in the House of Representatives, completing a trifecta after Donald Trump won the presidency and the GOP flipped several seats to take the Senate. The House of Representatives has been the legislative body to move most crypto legislation at the federal level, particularly in the last year after multiple crypto-focused bills were passed. Republicans held a slim majority in the House during that time, but Democrats were expected to flip it during the 2024 election. The Fairshake super political action committee and its affiliated PACs, Protect Progress and Defend American Jobs, provided financial backing to nearly 60 House and Senate candidates in the election, with the vast majority winning their races.
A survey by digital asset bank Sygnum revealed that institutions are ready to put bigger bets on digital assets, with a striking 57% planning to ramp up their cryptocurrency exposure, fueled by a growing willingness to take risks and long-term confidence in the asset class. The annual survey gathered insights from over 400 institutional and professional investors across 27 nations with an average experience of over 10 years. A notable 65% of the survey respondents are bullish in the long term, with 63% mulling more allocation to digital assets in the next three to six months.
Chart of the Day
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The chart shows the Google search value for the term “bitcoin” in the U.S. over the past five years.
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Search interest has topped levels seen in June 2022 after the Terra/Luna collapse.
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The sustained interest among retail investors could translate into higher volumes and prices, eventually breeding a speculative frenzy.
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Source: Google Trends
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Edited by Sheldon Reback.
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