Bitcoin Surges Past $93,000: Record ETF Inflows Follow Post-Election Rally

The post-election surge in Bitcoin's price shows no signs of abating, as the leading cryptocurrency recently surpassed the $93,000 mark for the first time ever. This remarkable increase comes on the heels of significant developments in the cryptocurrency market, particularly the launch of spot Bitcoin exchange-traded funds (ETFs) earlier this year.

On election night, Bitcoin was trading below $70,000, but since then, it has more than doubled in value throughout 2024. The momentum gained traction following Donald Trump's victory in the 2024 U.S. presidential election, during which he made several commitments regarding the cryptocurrency sector. Among his promises were the creation of a "strategic bitcoin stockpile" and initiatives to boost the U.S. bitcoin mining industry.

According to Farside Investors, the two largest days of inflows into Bitcoin ETFs on record have occurred since last Tuesday's election. Inflows reached nearly $2 billion on Monday and Tuesday alone, highlighting the growing interest in Bitcoin as an investment vehicle.

BlackRock's iShares Bitcoin Trust (IBIT) has achieved a remarkable milestone, crossing the $40 billion inflow threshold in just 211 days, making it the fastest-growing ETF in history. This rapid growth has positioned IBIT as the largest ETF launched in the past decade, surpassing the size of BlackRock's iShares Gold Trust (IAU) just last week, as noted by Bloomberg Senior ETF Analyst Eric Balchunas.

In addition to Bitcoin, there is also a resurgence in interest for the recently approved spot ether ETFs, which recorded approximately $431 million in inflows during the first two days of this week, according to Farside Investors. This uptick in activity signals a broader trend of increasing investor confidence in cryptocurrency assets.