Bitcoin (BTC) Surges Past $90,000, Becoming the Eighth-Largest Traded Asset Globally – Bitfinex Alpha Report

Bitcoin's (BTC) unprecedented surge past $90,000 has reinforced its growing alignment with mainstream financial assets, according to the latest

Bitcoin (BTC) price hit a new all-time high on Dec. 11 as part of a remarkable 39.5% rally since the United States presidential election.

BTC/USD reached a new record high of $93,318.35 on Bitstamp, pushing the cryptocurrency’s market capitalization to $1.8 trillion — just $200 billion less than silver’s total market value. This achievement also ranks Bitcoin as the eighth-largest traded asset worldwide.

The nine-day rally from $66,880 at the time of the pre-election dip also marks Bitcoin’s largest price surge since January 2021. However, the nine-day climb required significantly more capital due to Bitcoin’s expanded market size, which stood at roughly $450 billion at the time.

Bitcoin price 1-day candle chart (Bitstamp). Source: TradingView

Profit-taking sparked net outflows of $640 million from Bitcoin over the past two trading days, leading to a consolidation phase. This pattern mirrors observations in traditional financial markets, where investors tend to secure gains after sharp upward movements.

Related: Bitcoin price rally slows as silver markets heat up

Meanwhile, retail activity surged as Bitcoin transactions below $100,000 reached a three-year high, according to CryptoQuant CEO Ki Young Ju. However, transactions in this range remain far below the levels seen during the 2021 bull run.

At the time, Coinbase’s iOS application hit the top rank in the Apple store, and Google searches also reached record highs. In contrast, searches for Bitcoin are currently at 50% of the levels seen in the last cycle.

Bitcoin small transactions hit a new high, but still far from 2021 peak levels. Source: CryptoQuant

Record-breaking capital inflows were also observed in the United States spot Bitcoin exchange-traded funds (ETFs), which now hold over 1 million BTC. According to analysts’ projections, Bitcoin ETFs are expected to surpass the market capitalization of gold ETFs within two months — a milestone initially anticipated by experts for 2027.

Among the Bitcoin ETFs, BlackRock’s iShares Bitcoin ETF (IBIT) has notably overtaken the assets under management of the firm’s iShares Gold ETF (IAU) in a remarkable feat. While IBIT began trading in April 2023, IAU was launched in 2004. Despite the 19-year head start, IBIT managed to achieve a higher AUM in less than 10 months.

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