During the regular trading hours in the USA on Monday, the bullish trend sparked by Trump's victory in the US presidential election continued in the cryptos market. Bitcoin started to surge fiercely over the weekend, accelerating its rise this week, breaking through several psychological price levels during trading and briefly surpassing the $89,000 mark.

Top-ranking digital currencies surged across the board. $Ethereum (ETH.CC)$ With a 7-day cumulative increase of around 40%, significantly higher than Bitcoin's 31%, Dogecoin supported by Musk doubled in value in a week.

Bitcoin futures premiums surged as investors remain bullish on the positive effects of Trump's election. According to data from the derivatives exchange Deribit, bets exceeding $2.8 billion were made on Bitcoin breaking through the $0.09 million level.

On the same day, large holders of Bitcoin $MicroStrategy (MSTR.US)$ Announced that it spent approximately $2.03 billion to buy around 0.0272 million bitcoins, marking the largest purchase order since December 2020.

On October 30, when announcing the third-quarter report, MicroStrategy also introduced a "21/21 plan," aiming to raise $42 billion in funds over the next three years through $21 billion in equity and $210 billion in debt to buy more bitcoins.

During Monday's regular trading hours in the US, a bitcoin ETF under Blackrock Group $iShares Bitcoin Trust (IBIT.US)$ has surpassed one of the largest gold ETFs$Gold Trust Ishares (IAU.US)$ Although IBIT's current asset management scale is still about $30 billion less than the world's largest gold ETF SPDR Gold Shares GLD, its surpassing of IAU can also be described as a milestone event.

Data from FactSet shows that in the past week, IBIT has received approximately $1 billion in inflows. Since its launch in January this year, the ETF has recorded a total inflow of $27 billion. The rise in bitcoin price will push the asset management scale of the ETF to over $30 billion.

As of last Friday, the asset management scale of the bitcoin etf IBIT was $34.3 billion, compared to slightly less than $33 billion for IAU. The asset management scale has not yet reflected the surge in bitcoin over the weekend and Monday.

Cryptocurrency concept stocks/blockchain concept stocks generally rose on Monday, with several leading stocks surging. As of the day's closing, $Canaan (CAN.US)$ rising over 41%, $MARA Holdings (MARA.US)$ rising nearly 30%, $Coinbase (COIN.US)$ rising nearly 20%, hitting an intraday high since November 2021. $MicroStrategy (MSTR.US)$ Rising by over 25%, reaching a new historical high during regular trading hours.

Wall Street generally believes that Trump's commitment to fully engage in the cryptos field has pushed the price of Bitcoin to new heights. Trump has vowed to turn the USA into the world's capital of cryptos. Speculators of Bitcoin are betting on a more relaxed regulatory environment and anticipate that the authorities may establish a cryptos reserve fund to help boost sustained demand.

In a recent report, a Citigroup strategist pointed out:

Cryptos are one of the few Trump trades that have not yet pulled back. Partly because of the Trump administration's crypto-friendly stance, investors hope this will bring clarity to U.S. regulatory policies.

Since the election, the inflow of funds into spot cryptos ETFs has hit a historic high. In the two days following the U.S. election, the net inflows of funds into BTC and ETH ETFs were $2.01 billion and $132 million respectively. Citigroup still sees ETF flows as a major driver of Bitcoin returns.

Chris Newhouse, Research Director at Cumberland Labs, stated that Bitcoin continues to exceed expectations, reaching new highs. The market seems to finally realize that we are entering an undeniable bull market in the coming years.

Looking ahead, some analysts predict cryptos will continue to rise, with some anticipating that Bitcoin could reach an important milestone of $100,000 by the end of the year.

Editor/Somer