Bitfinex Alpha: Market interest in Bitcoin is reaching mainstream asset levels

Bitfinex released a report stating that the Bitcoin market saw a major shift last week, with prices rising to an all-time high of $93,318 and a market capitalization of $1.8 trillion. BTC has surpassed silver to become the world's eighth-largest asset by market capitalization. This rise not only represents Bitcoin's strongest nine-day gain since January 2021, but is likely the largest short-term capital inflow in any asset class ever. This momentum shows that interest in Bitcoin is reaching levels that are usually only interested in mainstream assets. The assets under management of spot Bitcoin ETFs traded in the United States have reached $84 billion, equivalent to 66% of the total assets under management of gold ETFs. It is also a healthy phenomenon that investor enthusiasm has cooled recently, with net outflows of about $640 million reported in the last two trading days of this week. This flow is not expected to continue. As institutional funds inflow increase and ETFs grab market share at a faster rate, Bitcoin's trajectory seems to be expected to rise further in the long term and has the potential to reshape the balance of capital allocation in the coming years.