Bitcoin Jumps to 8th Largest Asset; IBIT ETF Sets Record
- Bitcoin surpasses silver in market cap, reaching $1.751 trillion and ranking 8th globally.
- BlackRock’s Bitcoin ETF hits record volume, with $4.5 billion traded in a single day.
- Institutional interest surges as Bitcoin’s price nears $90,000, driving ETF activity higher.
Bitcoin has again flipped silver with its market cap of $1.751 trillion to became the eighth largest asset. It value has surged past $89,000, and is now just behind major global entities like Gold, Apple, and Microsoft. Recent data shows that there is tremendous institutional demand for Bitcoin.
On November 11, total daily trading volume across U.S. spot Bitcoin ETFs reached $7.22 billion. This marked the biggest trading day for Bitcoin ETFs in more than seven months. BlackRock’s IBIT ETF led the market, contributing roughly $4.5 billion, followed by FBTC with over $1 billion. This huge ETF turnover came after Bitcoin’s price movement experienced an increase after the U.S. presidential elections, particularly Trump’s triumph.
The frequent visit of Bitcoin to ATHs has sparked widespread attention and its market cap has risen past that of silver. Known as “digital gold,” its market cap stands at about one-tenth of gold’s. The rise in bitcoin’s price also has led to massive liquidation across all crypto exchanges. As the price neared $90,000, liquidations hit high levels, particularly on platforms like Binance, OKX, and Bybit, as shown in recent data.
According to the liquidation map, cumulative long liquidations dominated over short liquidations. This trend reflects high-leverage positions held by traders betting on further price increases. As the price fluctuated near the $88,000-$90,000 range, liquidation events became more frequent, especially for long positions, which accounted for the bulk of the activity. This spike underscores the volatility in the market and the risks for traders with leveraged positions.
Bitcoin’s market standing is now that it is just steps away from the financial titans, meaning it has found favor with institutional buyers. A number of crypto-related companies such as MicroStrategy, has also increased its share as the stock market depicts bullish outlook towards Bitcoin.
The post Bitcoin Jumps to 8th Largest Asset; IBIT ETF Sets Record appeared first on CryptoTale.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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