Bitcoin Surpasses Saudi Aramco to Become the World’s 7th Largest Asset

Bitcoin, the leading cryptocurrency by market capitalization, has now positioned itself as the seventh most valuable asset globally, surpassing even the market cap of Saudi Aramco, the oil behemoth. This milestone was reached as Bitcoin’s price soared to a record high of over $93,000, with its market dominance peaking at 61.38%.

Political Influence on Crypto Markets

The surge can be attributed in part to U.S. President-elect Donald Trump’s supportive stance on cryptocurrencies during his campaign, which has fostered an environment conducive to favorable regulations under a Republican-controlled House.

Inflows into Bitcoin ETFs

A significant driver of Bitcoin’s valuation has been the influx of investments into U.S. spot Bitcoin ETFs. Over the last six trading days, these ETFs have attracted $4.7 billion in net inflows, with a single-day record of $510.1 million on Wednesday. Since their inception in January, the total investment has reached $28.2 billion, according to data from Farside.

Market Strategy Shifts

Initially, there was speculation about whether these ETFs were part of a basis trade strategy, which aims for a neutral market position. However, recent trends suggest a shift towards genuine long positions, indicating a strong bullish sentiment among investors.

Analyst Insights

Checkmate noted on X that Bitcoin ETFs are now the primary source of demand, absorbing almost all sales by long-term holders. This suggests a robust, spot-driven market rally, with minimal growth in CME open interest, reinforcing the idea that this surge is driven by direct investments rather than futures trading.

Record Trading Volumes

Eric Balchunas from Bloomberg highlighted that BlackRock’s iShare Bitcoin Trust (IBIT) has broken records with $5 billion in trading volume for the first time. Balchunas commented on X, noting that only a few ETFs and stocks saw more trading action, underscoring the immense investor interest in Bitcoin ETFs.

Ethereum’s Rise

The enthusiasm isn’t limited to Bitcoin. Ethereum’s ether (ETH) has also seen significant investment, with U.S. spot ETFs experiencing a $146.9 million inflow on November 14, bringing the total net inflow to $241.7 million, as reported by Farside.

This surge in Bitcoin’s valuation, alongside increased interest in Ethereum, reflects a broader acceptance and integration of cryptocurrencies into mainstream investment portfolios, signaling a pivotal shift in the global financial landscape.

Join Our New ReadySetCrypto Platform!

Join our new interactive, community-driven ReadySetCrypto platform!

What we’ve found is that the Crypto market moves too quickly to support a TradFi portfolio-based market.

The Crypto market is all about identifying opportunities AS THEY OCCUR, and understanding precisely when to enter, and most importantly, when to exit.

ReadySetCrypto has been re-engineered to help you identify these opportunities as they occur with clear, time-tested price-based signals.

Better yet, you can convert your account to this new service for the same price (or probably less) than what you’re paying now.

You can check it out for free for a week by signing up at readysetcrypto.ONE, where you can access the new site either on your workstation, or on a new mobile app by installing the Mighty Network app on Android or Apple.

If you’d like to convert your account, please let us know by contacting us at support (at) readysetcrypto.tempurl.host

We’ll take care of ensuring that your old subscription is closed down, and that we match (or improve) your monthly subscription rate. Annual rates are also available for a significant discount.

Convert your account today and let’s make this new year an amazing one!

Sincerely….your team at ReadySetCrypto