Daily News | BTC Surpassed $89,000, Setting a New Historical High, AI Meme ACT Rose 20 Times Within the Day

2024-11-12, 04:39

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## Crypto Daily Digest: ETH ETFs achieved record daily net inflow, MicroStrategy announced an additional $2 billion in BTC holdings
According to Farside Investor data, the net inflow of US <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs was $1.093 billion yesterday, including $736 million from BlackRock IBIT, $135 million from Fidelity FBTC, and $108 million from Ark ARKB.

The asset management scale of IBIT, a <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETF under BlackRock Group, exceeds that of iShares IAU, one of the largest gold ETFs. FactSet data shows that over the past week, IBIT has received approximately $1 billion in funding inflows, with a total inflow of $27 billion since its launch in January. As of last Friday, the asset management scale of Bitcoin ETF IBIT was $34.3 billion, compared to IAU's asset management scale of slightly less than $33 billion.

Yesterday, the US <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs received $194 million in inflows, achieving a large net inflow for four consecutive days and setting a record for the largest daily inflow since the listing of the ETH ETFs. Fidelity FETH inflow was $115 million, Grayscale Mini ETH inflow was $63.3 million, and BlackRock ETHA data has not been updated yet.

**CoinShares: The net inflow of digital asset investment products reached $1.98 billion last week**

According to CoinShares' latest weekly report, digital asset investment products saw a $1.98 billion inflow of funds after the US election, marking the fifth consecutive week of inflows and bringing the year to date inflow to a record high of $31.3 billion. Affected by last week's price increase, the global managed asset size has also reached a new historical high of $116 billion. The trading volume increased by $20 billion, although not a new record, it is the highest level since April this year.

From a regional perspective, these capital inflows are mainly concentrated in the United States, where the inflow amount reached $1.95 billion, although inflows from Switzerland and Germany have also increased, reaching $23 million and $20 million respectively.

**MicroStrategy increased holdings of 27,200 BTC by approximately $2.03 billion**

MicroStrategy founder Michael Saylor posted on social media that MicroStrategy increased its holdings of 27,200 Bitcoins at an average price of approximately $74,463, with a total value of approximately $2.03 billion.

As of November 10, 2024, MicroStrategy holds 279,420 Bitcoins with a total purchase cost of approximately $11.9 billion and an average purchase price of approximately $42,692.

**Standard Chartered Bank: SOL is expected to outperform BTC and ETH by the end of 2025**

Standard Chartered Bank stated in a research report that if the Republican Party wins comprehensively, the new US government will be able to promote policies favorable to the digital asset industry, which could lead to the total market cap of the <a  rel="nofollow noopener noreferrer"  href="/price" target="_blank" class="blog_inner_link">crypto market</a> expanding to $10 trillion by the end of 2026.

Standard Chartered Bank stated that they believe there will be a series of factors favorable to the <a  rel="nofollow noopener noreferrer"  href="/price" target="_blank" class="blog_inner_link">crypto market</a> in the early stages of the new US government, including regulatory changes and adjustments to the position of the Securities and Exchange Commission (SEC), which may lead to a more lenient stance on digital assets.

The bank stated that these positive developments may quadruple the total market cap of the crypto market from the current $2.5 trillion to $10 trillion by the end of 2026. Geoff Kendrick, head of digital asset research at Standard Chartered Bank, wrote: 'The rising tide should drive all digital assets, with those most relevant to end use cases expected to benefit the most.' The report also suggests that the new US government may consider establishing a Bitcoin reserve, but this is seen as a “low probability but high impact event”.

The bank reiterated its goal of around $200,000 for Bitcoin (BTC) and $10,000 for <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> (ETH) by the end of 2025, and stated that it expects <a  rel="nofollow noopener noreferrer"  href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> (SOL) to outperform the two cryptocurrencies with the highest market capitalization.

## Market Trends: ACT surged more than 20 times within the day, and the AI sector collectively rose
### Market Hotspots
-The on-chain meme coins ACT and PNUT surged, with ACT increasing more than 20 times during the day. ACT is one of the two AI memes donated by a16z, the other being GOAT; The current circulating market cap of ACT is $400 million, and the circulating market cap of GOAT is $820 million. ACT has more mainstream exchanges listed, and its market cap still has some room for improvement. PNUT is a squirrel meme project that Musk frequently appeared on Twitter before, with a daily increase of over 8 times. It is highly likely to continue receiving Musk's support in the future, and the current circulating market cap of PNUT is $390 million;

-The well-established meme leader DOGE continues to soar, with a daily increase of nearly 20% and a market cap of $50 billion, ranking 6th in the entire market and 40% behind <a  rel="nofollow noopener noreferrer"  href="/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a>, which ranks fifth. DOGE is the most well-known meme both inside and outside the crypto market, benefiting from Musk's influence and the US election. DOGE is not far from reaching a historical high of $0.7;

-The AI sector, including WLD, IO, AI, FET, and others, has collectively risen. The AI sector is already one of the most important narratives in this round of market trends, and coupled with the hot performance of AI meme GOAT and ACT, the overall performance of the AI sector is relatively strong.

### Mainstream Coins
BTC surpassed $89,000, setting a new historical high. The friendly macroeconomic and policy policies have injected more confidence into BTC;

ETH surpassed $3,300, with a large inflow of over $200 million into the ETH ETFs yesterday, setting a record for the largest single day inflow since the listing of the ETH ETFs;

Altcoins generally rose, and the overall effect of the AI sector is good. When the Altcoin season comes, on-chain memes usually perform better.

## Macro news: US stocks collectively closed higher, probability of December interest rate cut decreased
Major US stock indices continue to hit historic highs. As of the close, the Dow Jones Industrial Average rose 0.69% to 44,293.13 points, the S&P 500 index rose 0.1% to 6,001.35 points, and the Nasdaq rose 0.06% to 19,298.76 points. This is the first time in the history of the Dow Jones Industrial Average to close above 44,000 points, and also the first time in the history of the S&P to close above 6,000 points. Crypto concept stocks saw a sharp rise, with Canaan Technology up over 41%, MicroStrategy up over 25%, and Coinbase up over 19%.

Clark Geranen, Chief Market Analyst at CalBay Investments, stated that the S&P 500 index breaking through the 6,000 point mark is a "significant psychological milestone" that may attract more investors' interest in stocks as there is still a large amount of money waiting in money market funds and bonds. Others believe that the uncertainty of Trump's economic prospects in his second term and the volatility of the treasury bond bond market still keep investors alert to more turbulence in the future.

“The initial reaction of the post election market is to select and choose which policy possibilities to address. Our experience is that such narrow responses have never brought lasting investment opportunities, and we tend to pause and examine potential major policy measures more carefully," said Paul Christopher, Global Investment Strategy Director at Wells Fargo Investment Research Institute.

<div class="blog-details-info">
<div>Author:**Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions. All investments carry inherent risks; prudent decision-making is essential.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
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