With the victory of the crypto-friendly President Trump, the crypto assets led by BTC have seen good gains recently. Since November 11, BTC has entered a rapid upward channel, breaking through the $80,000 and $82,000 resistance levels one after another, and then the upward trend was unstoppable, with a surprising increase of more than 10%, firmly standing at $89,000, reaching a high of $89,940. At the same time, ETH also broke through the $3,000 resistance level, rising by 6.4%. As of the release of this article, the BTC price has retreated slightly, fluctuating around $88,000 (the above data is from Binance spot, 5:00 pm on November 12).
Since November 2021 (the peak of the last bull market), the total market capitalization of cryptocurrencies has exceeded $3.1 trillion for the first time. In addition to crypto assets, US stocks also closed sharply higher yesterday, with the three major indices all hitting new highs, with the Dow Jones index reaching 44,000 points for the first time, and the S&P 500 breaking through 6,000 points for the first time. As the market's attention to crypto assets gradually increases, the net inflow of US dollars into crypto assets has also hit a new high. Investors should treat the crypto FOMO sentiment caused by Trump rationally, conduct reasonable risk control and risk allocation.
Market Analysis
The acceptance of the crypto asset market is gradually increasing, and the institution's increased holdings of BTC may further boost the enthusiasm of traditional capital to hold crypto assets. Devcon will be launched this week, and the collision of technology is worth watching.
The net inflow of US dollars last week was $6.283 billion, a new high in the history of weekly US dollar inflows into the crypto market since January 2022
SoSoValue data shows that the net inflow of US dollars into the cryptocurrency market last week (November 04 - November 10, Eastern Time) reached $6.283 billion. Among them, the net inflow of US Bitcoin and Ethereum spot ETFs reached $1.792 billion; the net inflow of fiat-backed stablecoins (USDC, USDT, FDUSD, TUSD, PYUSD, USDP, GUSD) reached $4.492 billion. As of 6:00 pm on the 12th, the total net inflow into the cryptocurrency market has reached $184.04 billion.
Institutions continue to increase their holdings of BTC, and MicroStrategy has purchased 27,200 BTC
MicroStrategy founder Michael Saylor posted on the X platform that MicroStrategy has purchased 27,200 BTC at a price of about $2.03 billion, with an average purchase price of $74,463. This information is another positive news for BTC after MicroStrategy announced a 3-year $42 billion BTC investment plan last week.
The core researcher of the Ethereum Foundation (EF) will announce a proposal to redesign the Ethereum consensus layer
Justin Drake, a core researcher at the Ethereum Foundation (EF), posted on X that "Tomorrow at 5pm, I will announce a major plan on the Devcon main stage. For over a year, I've been thinking about what a ground-up redesign of the Ethereum consensus layer would look like. My goal is to propose a credible strategy to deliver an ambitious and exciting beacon chain roadmap within a reasonable timeframe. After months of deliberation with researchers and consensus developers, I'm finally ready to publicly put forth my proposal. It's still early days, but if this new approach to solving the consensus layer roadmap can gain initial traction, your participation will be crucial."
The total open interest of BTC contracts on the network has exceeded $50 billion, a new high
On November 12, real-time data from Coinglass showed that the total open interest of BTC futures contracts on the network was 613,263 BTC (about $53 billion).
Macro Dynamics
Biden and Trump will meet at the White House on the 13th
According to the Golden Ten News, the White House issued a statement on the 9th that at the invitation of President Biden, Trump, the winner of the 2024 presidential election, will meet with Biden at the White House at 11:00 am Eastern Time on the 13th (12:00 am Beijing time next Thursday).
Fed officials will make intensive speeches, and the US October CPI data will be released on November 13
According to the Golden Ten News, this week, many Fed officials will "appear" to make speeches, the most important of which may be Powell's speech next Friday. Given the latest Fed policy statement, which removed the statement about progress on inflation and being more confident in achieving the target, emphasizing the dual risks of employment and inflation, investors need to closely monitor their views on "Trump's return" and whether the Fed will pause rate cuts.
At the same time, on November 13, the US October CPI data will be released, which will also have a major impact on the market's rate cut expectations.
