First Mover Americas: Bitcoin Trades Around $91K as ETF Inflows Remain Strong

Markets Election 2024 First Mover Americas: Bitcoin Trades Around $91K as ETF Inflows Remain Strong The latest price moves in crypto markets in context for Nov. 14, 2024. By Jamie Crawley , Omkar Godbole Nov 14, 2024 at 1:06 p.m. UTC Election 2024 coverage presented by Stand with crypto (CoinDesk) This article originally appeared in First Mover , CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day . Latest Prices Unmute Uptober Forming Amid Rising Stablecoin Liquidity and Bitcoin Transactions 00:52 Ether ETFs Saw Biggest Outflows Since July 01:01 Bitcoin Breaks $64K While Gold Soars 00:56 ETH/BTC Ratio Slid to Lowest Since April 2021 00:57 Is Bitcoin Losing Its Bullish Momentum? CoinDesk 20 Index: 2,668.37 +2.72% Bitcoin (BTC): $91,632.85 +4.5% Ether (ETH): $3,187.05 +0.7% S&P 500: 5,985.38 -0.29% Gold: $2,611.13 +0.02% Nikkei 225: 38,535.70 -0.48% Top Stories Bitcoin traded either side of $91,000 after recovering from a dip to just above $89,000. BTC is 2% lower than its all-time high of $93,445, which it reached during the U.S. afternoon on Wednesday, but remains over 4% higher in the last 24 hours. Bitcoin ETFs recorded another $510 million of inflows Wednesday, taking the total for the last six days to $4.7 billion . "The Bitcoin ETFs are by far the majority driving force of bitcoin demand right now, soaking up almost all of the selling by Long-Term Holders. CME open interest is not growing meaningfully, reinforcing that this is a spot-driven rally," analyst Checkmate said in a post on X. The Republican party secured a majority in the House of Representatives, completing a trifecta after Donald Trump won the presidency and the GOP flipped several seats to take the Senate. The House of Representatives has been the legislative body to move most crypto legislation at the federal level, particularly in the last year after multiple crypto-focused bills were passed. Republicans held a slim majority in the House during that time, but Democrats were expected to flip it during the 2024 election. The Fairshake super political action committee and its affiliated PACs, Protect Progress and Defend American Jobs, provided financial backing to nearly 60 House and Senate candidates in the election, with the vast majority winning their races. A survey by digital asset bank Sygnum revealed that institutions are ready to put bigger bets on digital assets, with a striking 57% planning to ramp up their cryptocurrency exposure , fueled by a growing willingness to take risks and long-term confidence in the asset class. The annual survey gathered insights from over 400 institutional and professional investors across 27 nations with an average experience of over 10 years. A notable 65% of the survey respondents are bullish in the long term, with 63% mulling more allocation to digital assets in the next three to six months. Chart of the Day (Google Trends) The chart shows the Google search value for the term “bitcoin” in the U.S. over the past five years. Search interest has topped levels seen in June 2022 after the Terra/Luna collapse. The sustained interest among retail investors could translate into higher volumes and prices, eventually breeding a speculative frenzy. Source: Google Trends - Omkar Godbole Trending Posts Polymarket CEO's Home Is Raided by FBI What Does a 60/40 Portfolio Look Like if We Replace Bonds With Bitcoin, a Lot Better Missing Crypto Influencer, Under Investigation by Canadian Regulator, Found Dead in Montreal Edited by Sheldon Reback. Disclosure Please note that our privacy policy , terms of use , cookies , and do not sell my personal information have been updated . CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies . CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one. Jamie Crawley Jamie Crawley is a CoinDesk news reporter based in London. Follow @ JamieCrawleyCD on Twitter Omkar Godbole Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team. Follow @ godbole17 on Twitter Read more about Bitcoin Ether First Mover