Where the Demand Comes From as Bitcoin Breaks Through $82K: Van Straten
Donald Trump's presidential election victory led to a surge in cryptocurrencies, with bitcoin reaching a record high and the total cryptocurrency market cap exceeding $2.7 trillion. Bitcoin's market capitalization is now $1.16 trillion, making it the ninth-largest financial asset. It experienced a 17% increase, marking its second-best week of the year. The spot cumulative volume delta (CVD) indicates significant buying activity, primarily from Coinbase, which often correlates with local highs and lows in bitcoin prices. Discussions around U.S. listed spot ETFs suggest that a substantial portion of inflows may be linked to basis trading strategies. Despite record ETF inflows, bitcoin prices remained stable, indicating limited impact from these funds. Bitcoin on exchanges has reached a year-to-date low of 2.95 million BTC, reflecting a trend of owners accumulating more bitcoin across various exchanges.
