Author: 1912212.eth, Foresight News
The raging bull market has finally allowed the long-suffering investors to hold their heads high. Since the dust settled on the US presidential election, the market's FOMO sentiment has become increasingly strong, and the BTC daily chart has achieved a rare 7-day winning streak. BTC has broken through the $70,000 mark from the $67,000 bottom range, and on November 10th, it broke through $80,000 again. After continuously breaching the psychological barriers, BTC has been marching forward, approaching $90,000, with a high of $89,530.
Ethereum, which was previously subjected to crazy FUD, has also followed Bitcoin, achieving a 7-day winning streak on the daily chart, rising from the $2,400 bottom to approach $3,400, with a high of $3,387. According to 8marketcap data, Ethereum's market capitalization has risen to about $400.7 billion, surpassing Procter & Gamble and ranking 32nd in the global asset market value. SOL broke through $212 and its market capitalization briefly exceeded $100 billion.
The Altcoin sector has seen a massive surge, including Meme, AI, public chains, and ecosystem projects, all of which have seen significant gains. In terms of contract data, according to Coinglass data, the 24-hour network-wide liquidation was $651 million, with $278 million in long positions and $371 million in short positions liquidated.
What is the reason for this strong market performance?
Institutions are still increasing their holdings
Last night, Michael Saylor stated that MicroStrategy has purchased an additional 27,200 BTC for approximately $20.3 billion, at an average cost of $74,463 per BTC. As of November 10th, MicroStrategy holds a total of 279,420 bitcoins, with a total value of $119 billion and an average cost of $42,692 per BTC.
The market generally believes that a new bull market has already begun, and as a highly influential figure, Michael Saylor's bold purchase represents his optimism about the future market performance.
As of today, MicroStrategy's Bitcoin holdings have an unrealized gain of an astonishing $130 billion.
dForcec founder Yang Mindo exclaimed, "The money MicroStrategy has made in the past 6 months is more than all the crypto VCs have made in the past 5 years, and this is just the work of one person, Michael Saylor."
The data on institutional involvement in Bitcoin spot ETFs also looks quite impressive.
According to data disclosed by Trader T, the global Bitcoin ETF holdings have exceeded 1.2 million BTC, accounting for 5.7% of the total supply, with the top ten including BlackRock IBIT, Grayscale Bitcoin Trust, Fidelity, CoinShares, ARK 21Shares, Bitwise, Grayscale Bitcoin Mini Trust, Purpose Bitcoin ETF, 3iQ CoinShares, and ETC Group Bitcoin ETP.
In terms of Bitcoin spot ETF data, there have been significant net inflows in the weeks since early October. In the first week of November, there was a net inflow of $2.22 billion, and in the second week, it reached $1.63 billion.
Trump's return to power could lead to a more relaxed regulatory environment
According to the latest data, the US government is estimated to hold more than 200,000 BTC, and Trump stated on July 28th at a Bitcoin conference that if elected in November, he would fire the SEC chairman Gary Gensler and prevent the US from selling its Bitcoin holdings, and he would establish a "strategic Bitcoin reserve".
It is well known that the current US SEC has been criticized and questioned by industry entrepreneurs and investors for its harsh and strict approach to the crypto industry. If Trump does fire and replace the new personnel, it would undoubtedly be a great boon for the industry.
Trump will officially take office as president on January 20th next year. Recent reports from the Washington Post indicate that Trump is looking for key position candidates who are friendly to the crypto industry, and his senior advisors are consulting with crypto executives on potential changes to federal policy. The initial discussions have focused on a range of financial regulatory agencies, including the SEC.
According to five informed sources, Trump's advisors are considering appointing current regulators, former federal officials, and financial industry executives to important leadership positions, many of whom have publicly expressed support for cryptocurrencies. The discussion process is still in the early stages, and the list of candidates is still evolving.
Can Bitcoin break through $100,000 by the end of the year?
On the Polymarket, which gained notoriety due to the US presidential election, the bet on whether Bitcoin will break through $100,000 this year has also started to heat up. Current data shows that the market predicts a 54% probability of reaching $100,000, with a single-day probability increase of 18%.
However, it is worth noting that this forecast data is dynamically adjusted, and the value may fluctuate significantly with the rise and fall of Bitcoin prices. The market is often full of confidence during a big rally, and falls into despair during a big drop. As shown in the figure, in September and October this year, the probability of Bitcoin rising above $100,000 was not more than 20%.
Matrixport recently released a report stating that with the market's expectation that Trump will transform US regulatory policy to be more supportive of cryptocurrencies, the bullish momentum seems unstoppable. With his inauguration date set for January 20, 2025, the market still has a few weeks to maintain this uptrend. We are now truly entering uncharted territory.
