Bitcoin ETFs Shatter Records as BTC hits new ATH, Bullish Sentiment Grows
Beaver Bulletin · November 15, 2024 · By Andrew Throuvalas
This week:
- Bitcoin’s price soared to CAD $130,000, marking another new all-time high.
- El Salvador’s President Nayib Bukele celebrated the success of the country’s Bitcoin investment with an “I told you so” message to critics.
- Bitcoin ETFs continue to grow, shattering ETF records.
- Senator Lummis’ proposed U.S. Strategic Bitcoin Reserve bill could be approved quickly under Trump.
- Bullish sentiment around Bitcoin continues to grow amid speculation of new major entrants
1. Bitcoin’s price cracked CAD $130,000 on Wednesday, currently up 19% this week.
It’s the moment we’ve been waiting for.
For months we’ve been ignoring the noise and stacking BTC whether it was up, down or sideways.
Now, as we enter Q4, we’re witnessing the beginning of what could be the most epic Bitcoin bull run to date.
“On this day, November 12 2024, Bitcoin conquered the world,” said InfoWars’ Alex Jones while speaking to Max Keiser during an interview this week. “Clearly it is the new innovation and it is the new internet.. Everything else is just a competing failure.”
Alex Jones is somebody who faded Bitcoin early on, and is kicking himself for not listening to maximalists like Keiser when he had the chance.
Another one of those people is Dave Portnoy, the Barstools Sports founder who, once again, says he “f*cked up with bitcoin.”
“My CFOs said we wait for it to go back to this number, and we buy the 2 mil, and it just never went back,” he said recently during a livestream. “I’m almost at peace with it, it’ll just always be that [one] that got away.”
Meanwhile, everyone who has been faithful to Bitcoin for several years is having a rightful round of gloating. El Salvador President Nayib Bukele tweeted “I told you so,” on Monday – his nation’s Bitcoin investment now up 101% ($140 million) in aggregate.
Famous NFL wide receiver Odell Beckham Jr also rubbed it in to critics who mocked his decision to accept his salary in BTC when he played for the Los Angeles Rams.
Between the recent price action and growing hype in the mainstream news, it’s becoming clear that typical retail investors are returning to Bitcoin. Coinbase has returned to the top of the iOS App store in the finance category, followed by other crypto trading platforms including Robinhood and Crypto.com.
Meanwhile, Bitcoin spot ETFs in the United States have hauled in staggering net inflows surpassing over $3 billion in the past week alone. BlackRock’s iShares Bitcoin ETF, in particular, is a story worth investigating.
2. IBIT’s assets under management have surpassed $40 billion, obliterating previous records for a newly launched fund.
That’s just two weeks after the Bitcoin juggernaut cracked $30 billion AUM, which is now far larger than any other Bitcoin ETF provider in the world. Having achieved this milestone in just 211 days, this overthrows the previous record holder, $IEMG, which took 1253 days to reach the same size, according to Bloomberg ETF analyst Eric Balchunas.
“It’s now in Top 1% of all ETFs by assets, and at 10 months old it is bigger than all 2,800 ETFs launched in the past ten years,” Balchunas added.
BlackRock also broke its previous record for daily volume on Wednesday, cracking $5 billion, bringing it up to $13 billion in the first three days of the week. FBTC – one of IBIT’s smaller rivals – handled $1 billion in volume.
Based on public reporting data from earlier this year, the majority of Bitcoin ETF buyers continue to be retail investors. According to Bitwise CIO Matt Hougan, big institutional investors haven’t even arrived in much size yet.
“The fact that we got a bitcoin ETF before Washington pivoted to pro-crypto is amazing,” he said on Monday. “You could not have written a better script.”
3. Bitcoin Senator Cynthia Lummis says the bill to establish a U.S. Strategic Bitcoin Reserve could be approved within 100 days of Trump’s Presidency.
On Wednesday, Lummis stressed urgency for Congress to act on her legislation, as the new congress is in session two weeks before Trump gets into office.
“The BITCOIN Act could be on POTUS’ desk ready to go within days. If there is the will, this is the way…”
The Lummis bill would not only have the U.S. stop selling its current BTC holdings, but also begin buying BTC until the nation’s total holdings reach 1 million coins. With a Republican House, Senate, and Presidency around the corner, many feel a Strategic Bitcoin Reserve is right around the corner – if not inevitable, given that Trump has already endorsed it.
In fact, other Bitcoiners close to the U.S. political process including Dennis Porter and David Bailey insist that nation state action on Bitcoin is moving ahead at a breakneck pace since Trump’s electoral victory. Bailey, for context, was first to alert the Bitcoin community of Trump’s strategic reserve announcement plans before it happened in July.
“The past 48 hours I’ve heard a steady stream of developments that I would characterize as the most bullish I’ve ever heard in my 12 years of Bitcoin,” he said Wednesday. “New domestic and foreign buyers are coming online in a major way.”
By every account, this Bitcoin bull run appears far from over.
Stay humble,
Andrew
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