Bitcoin’s Price Run Continues as it Rises Above $93,000

The post-election bitcoin price run has shown no signs of slowing down, as the world’s largest crypto asset recently traded above $93,000 for the first time in its history.

Bitcoin, which was trading below $70,000 on election night, has more than doubled in price in 2024 following the launch of spot bitcoin exchange-traded funds (ETFs) in January.

Activity around the ETFs has picked up since Trump was announced as the winner of the 2024 U.S. presidential election. Trump during his campaign made a variety of promises regarding crypto, including the establishment of a “strategic bitcoin stockpile” and the fostering of growth in the U.S. bitcoin mining industry.

The two largest days of flows into the bitcoin ETFs on record have happened since election day last Tuesday, according to Farside Investors. These ETFs saw inflows of nearly $2 billion this Monday and Tuesday alone.

BlackRock’s iShares Bitcoin Trust (IBIT) has now crossed the $40 billion inflows threshold in the fastest time for any ETF on record (211 days) and is now larger than any other ETF launched in the past 10 years, according to Bloomberg Senior ETF Analyst Eric Balchunas. IBIT surpassed the size of BlackRock’s iShares Gold Trust (IAU) just last week.

Activity is also finally starting to pick up for the more recently approved spot ether ETFs, which saw about $431 in inflows on the first two days of this week, according to Farside Investors.