Bitcoin has reached a new all-time high of $93,000, rising by 30% since the U.S. election. Yesterday saw a surge in new Bitcoin addresses, spiking to 442,000—the highest daily number since March—indicating heightened interest and new entries into the market.
https://twitter.com/intotheblock/status/1856718084226064675?t=CK78-rLU02I7PqktRiMa4g&s=19
Despite this rally, metrics such as the MVRV ratio suggest Bitcoin is not yet overvalued, and some analysts see potential for it to surpass $100,000 soon. This target aligns with the Trader On-chain realized max band, a level previously hit when Bitcoin climbed to $70,000 in March.
https://twitter.com/cryptoquant_com/status/1856729631912501329?t=Wqx_oGzwhNSzdg9f8yATsQ&s=19
Adding to this momentum, a whale holding 8,000 BTC (worth $699 million) recently transferred 2,000 BTC (about $176.7 million) to initiate sales, depositing 300 BTC ($26.27 million) into Binance. Notably, this whale had also sold 2,000 BTC at $67,130 back in April.
https://twitter.com/lookonchain/status/1856627710736712011?t=3DyZCLAnb-IClr2-8wrBUQ&s=19
Institutional Interest Grows As Bitcoin Sport ETFs Records Net Inflows
Institutional interest remains a key driver in Bitcoin’s current momentum. On November 12, Bitcoin spot ETFs attracted a total net inflow of $818 million, marking the fifth consecutive day of net inflows. BlackRock’s IBIT ETF alone saw a single-day inflow of $778 million.
Although Grayscale’s ETF sales have slowed, both BlackRock and Bitwise continue to accumulate. Collectively, U.S. spot Bitcoin ETFs now hold over 982,000 BTC, representing nearly 5% of Bitcoin’s circulating supply.
https://twitter.com/kyledoops/status/1856758987494232253?t=V_VRLPdks27dbTMKdio_ug&s=19
With strong institutional support and sustained demand from retail investors, Bitcoin’s price trajectory remains positive. As new addresses continue to surge and ETFs amass significant holdings, the cryptocurrency appears poised to test new heights in the near future.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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