Bitcoin Nears $90,000 as Spot ETFs See $2.28 Billion Inflows, DOGE Surges Post-Election

QCP Capital, a cryptocurrency trading firm based in Singapore, has shared some interesting insights. They believe that Bitcoin has entered a “new phase” as it approaches the $90,000 mark. This shift strengthens Bitcoin's role as a treasury asset, increasingly held by corporations, governments, and institutions.

The demand for Bitcoin exchange-traded funds (ETFs) is soaring. In just three days, these ETFs saw inflows of $2.28 billion. Following the recent U.S. elections, Bitcoin ETFs attracted $1.8 billion, and this week started strong with another $1.1 billion. QCP Capital notes that the market is adjusting to these new highs for Bitcoin, with demand at an all-time high.

There’s also been a noticeable spike in activity around memecoins. For example, DOGE experienced a significant rise on Tuesday night. This was driven by a post-election rally after Donald Trump announced the creation of the Department of Government Efficiency, informally called “DOGE.” Elon Musk from Tesla and former Republican candidate Vivek Ramaswamy will lead this new department, aiming to streamline government processes. As a result, DOGE surged nearly 20%, hitting $0.37 by early morning after briefly reaching $0.43. Since election day, DOGE has skyrocketed by 153%, outpacing Bitcoin’s 30% increase. It has even overtaken XRP to become the sixth-largest cryptocurrency by market cap.

Today, all eyes are on the release of the Consumer Price Index (CPI) and core CPI data. These figures are expected to hold steady at 0.2% and 0.3% for October, respectively. The annual CPI is projected to increase by 2.6%. Currently, markets see a 70% chance of a rate cut at the Federal Reserve’s December meeting. However, today’s CPI report, the upcoming PCE release on November 27th, and potential policy shifts from Donald Trump could all influence the Fed's decision.

As of now, Bitcoin is trading at $87,758, reflecting a 0.31% increase in the last 24 hours. It has fluctuated between a low of $85,155 and a high of $89,828. Bitcoin’s market cap has reached $1.74 trillion, and its market dominance has risen by 0.66%, now sitting at 59.71%.

The positive market sentiment has been bolstered by strong inflows into spot Bitcoin ETFs recently, with BlackRock taking a leading role. Additionally, Bitcoin has gained extra attention after the revelation of Donald Trump’s Bitcoin holdings following the U.S. elections.

On the flip side, the global cryptocurrency market cap has decreased by 0.94%, now totaling $2.91 trillion. However, the overall market volume has dropped by 28.88%, falling to $261.1 billion, according to CoinMarketCap.