The post Bitcoin Hits New All-time high Above $77,000 appeared on BitcoinEthereumNews.com.

Bitcoin quietly nudged above $77,000 late Friday, meanwhile, the Bitcoin ETFs continue to set records. Bitcoin hit a new all-time high just above $77,000 late Friday night, capping off a remarkable week in which Trump regained the White House, and Bitcoin achieved several new all-time highs. The crypto industry is optimistic that Trump will be much more favorable to crypto regulations that move the industry forward. Source: Brave New Coin Bitcoin Liquid Index Yesterday, the Bitcoin ETFs amassed a staggering $1.36 billion in daily inflows, smashing the previous record of $1.14 billion set back in March. This isn’t just a slight uptick; it’s a significant leap forward. Source: X A whopping $1.1 billion came exclusively from BlackRock’s $IBIT fund. That’s right—one fund nearly matched the total inflows of all 11 ETFs combined on their best day! As a result, Blackrock’s BTC ETF is bigger than its Gold ETF. And it achieved this in ten months. That’s impressive. Source: X Supply Shock Incoming? On average, approximately 450 Bitcoin are mined every single day. Yesterday, the Bitcoin ETFs consumed around 18,000 Bitcoin. This means that the daily demand from these ETFs was about 40 times greater than the new supply entering the market. The equation is simple: increased demand combined with limited supply equals rising prices. As it stands now, the total inflows into Bitcoin ETFs have reached an impressive $25.5 billion—and the numbers are still climbing.   Source: https://bravenewcoin.com/insights/bitcoin-hits-new-all-time-high-above-77000

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Filed under: News - @ November 9, 2024 12:21 am