Bitcoin’s multi-day surge to consecutive new highs has captured the attention of Wall Street, with billions flowing into cryptocurrency ETFs since early November and the U.S. elections.
On November 12, investors traded $1 billion of BlackRock’s IBIT fund within just the first 25 minutes of U.S. market trading. This rapid trading activity reflects a larger Bitcoin-led trend that has been attracting both retail and institutional capital. Monday, November 11, saw Bitcoin record its largest single-day and weekly gains in its 15-year history, setting the stage for a major rally.
In the same period, inflows into U.S. spot Bitcoin ETFs surpassed $1 billion for the second time this month. By mid-November, Wall Street’s spot BTC ETF group had accumulated $90 billion in assets, roughly 10 months after trading began.
Bitcoin’s ascent has been extraordinary—after taking nine years to hit $20,000, it added another $20,000 in just the past week, surging nearly 24% to an all-time high of $89,864. With the token approaching $90,000, many investors are watching closely, although some long-term holders have begun to take profits amid the rally.
Bitcoin Drives Renewed Crypto Market Enthusiasm
The crypto market has experienced a surge of renewed enthusiasm following the U.S. general elections, fueled by the victory of a group of pro-Bitcoin (BTC) and crypto-friendly politicians, including President-elect Donald Trump. This shift has helped alleviate some of the reputational risks associated with digital assets.
Bitcoin’s explosive rally led the charge, lifting the entire crypto market. At press time, the total crypto market cap had reached $3.04 trillion, surpassing the previous peak in 2021.
Bitcoin was the primary driver, accounting for most of the $600 billion in new capital inflows into the crypto space. Meanwhile, altcoins took a secondary role in the rally.
Major altcoins, including Ethereum (ETH), Solana (SOL), and meme coins like Dogecoin (DOGE), saw impressive gains, with some rising by double- to triple-digit percentages over the past week.
However, experts like Thomas Perfumo, Kraken’s head of strategy, caution that altcoin demand remains in its early stages during this bull run. Perfumo noted that factors such as younger investors entering the market, pro-crypto legislation like Senator Cynthia Lummis’s BTC reserve bill, and overall blockchain industry growth will likely fuel the continuation of familiar market patterns on a larger scale.
“We see a typical cycle playing out. Bitcoin is leading this market rally, which often precedes capital flows into other layer 1s like Ethereum and Solana before rotating into altcoins,” said Perfumo. “We haven’t seen peak FOMO (Fear of Missing Out) indicators yet, which suggests room for further growth.”