Bitcoin reached a new all-time high at $98,288 after the “Bitcoin Industrial Complex” recorded $50 billion in volumes, led by TradFi’s $32 billion MSTR activity.
Bitcoin’sBTC$97,808price flipped its recent high of $93,420 on Nov. 20 after a breakout from an ascending triangle pattern.
The bullish momentum carried over on Nov. 21 as BTC reached a new all-time high of $98,288, with a 6% uptick over the past 24 hours.
“Bitcoin Industrial Complex” hits record volumes
Bitcoin’s current rally was fueled by increasing trading activity and the “Bitcoin Industrial Complex.”
Eric Balchunas, a senior ETF analyst at Bloomberg, highlighted that the collective equities recorded over $50 billion in volume, a new all-time high.
The Bitcoin Industrial Complex includes every TradFi equity and investment vehicle that can be affected by Bitcoin’s price and vice versa. It includes publicly traded stocks of MicroStrategy, Coinbase, and various Bitcoin miners and ETFs. However, it is a tradable investment vehicle on its own.
Balchunas added that MicroStrategy’s MSTR stock led most trading activity, recording $32 billion in trading volumes. On Nov. 20, MSTR became the most traded stock in the US, beating the likes of TSLA and NVDA for the first time in years.
The positive sentiment around MSTR also stems from the organization’s recent purchase of 51,780 BTC, or $4.6 billion, on Nov. 18, which increased MisroStrategy’s total holdings to 331,200 BTC.
Charles Edwards, Founder of Capriole Fund, also suggested Michael Saylor could buy another $3 billion in Bitcoin before Nov. 22.
Meanwhile, Bitcoin ETFs also recorded a net positive flow of $773 million on Nov. 20, increasing the total spot ETF inflows to $1.85 billion for the week.
US investors continue to drive Bitcoin’s rally
Last week, the Bitcoin Coinbase premium index dropped by 80% after it reached a new H2 2024 high.
While there were concerns of further sell-off coming into this week, the premium index has jumped back to its elevated levels, suggesting continued demand from US investors.
Ki-Young Ju, CEO of CryptoQuant, reiterated the above sentiment and highlighted that Asian retail investors are currently not exhibiting the same level of demand as their Western counterparts.
As illustrated below, the Bitcoin Korea Premium index has pictured a downtrend since Q2 2024.
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