It is no longer news that the long-anticipated United States presidential elections finally held on November 5, with former President Donald Trump emerging as the president-elect. Consequently, the crypto market experienced spontaneous positive market turnarounds, evidenced by Bitcoin’s (BTC) new price peak establishments within the week and BTC ETFs remarkable trading week.
For context, BTC is changing hands at about $80,400, reflecting a 5.2% upswing in the past 24 hours. The flagship cryptocurrency recently attained a new peak price today when it struck $80,945.35. Like Bitcoin, its Exchange Traded Fund (ETF) commodities are experiencing significant market boosts. Despite registering losses two days before Trump’s victory, the entities witnessed massive inflows in the remaining three days to conclude the week with net profits worth over $1 billion.
BTC ETFs Recently Concluded Week Flow Data
According to SosoValue’s ETF flow statistics, the just concluded week, which began on November 4, started with BTC ETFs incurring roughly $541.07 million in net outflows. The over $500 million negative flow preceded another $116.9 million net outflows on November 5.
From November 6, when the United States election body announced Trump's victory, Bitcoin commodities rebounded massively, with about $621.9 million in net profits. Subsequently, it witnessed $1.38 billion in net gains and $293.47 million on the week's last trading day. Eventually, BTC ETFs week ended with net profits valued at about $1.63 billion.
Following its last market outing, Bitcoin ETF cumulative net inflows soared to about $25.79 billion. The total value traded and net assets also increased significantly. Both metrics reflected about $2.84 billion and $78.91 billion, respectively. Bitcoin ETFs' total net assets valuation represents 5.21% of Bitcoin’s market capitalization.
It is left to see how events unfold in the new week. However, with prevailing conditions, chances abound that next week will result in massively profitable outings for Bitcoin ETFs. Similarly, Bitcoin's price surge will likely attain new heights, possibly hitting $90K.
