Bitcoin surges as pro-crypto Trump prepares for second term

Bitcoin made an impressive run after the U.S. Consumer Price Index report came as expected. But two more key events could add to the positive sentiment this week.

Bitcoin btc3.53%Bitcoin reached a new all-time high of over $93,400 hours after the U.S. CPI report was released on Wednesday. The inflation rate in the largest economy in the world increased by 0.2% year-over-year in October and reached 2.6% as expected.

Spot Bitcoin exchange-traded funds in the United States continued their positive inflow streak for the sixth consecutive day, recording net inflows of $510.11 million on Nov. 13 as Bitcoin surpassed $93,000 for the first time.

According to data from SoSoValue, the 12 spot Bitcoin ETFs logged net inflows of $4.73 billion over the six straight days of trading ending on Nov. 13. BlackRock’s IBIT led the group for the fifth consecutive day on Thursday with inflows of $230.81 million. Notably, IBIT has seen over $29.15 billion in net inflows since its launch, bringing the total net assets held by BlackRock to $42.56 billion.

Bloomberg analyst Eric Balchunas noted in an earlier X post that BlackRock’s IBIT hit $40 billion in assets just two weeks after reaching $30 billion, breaking the previous record of 1,253 days held by BlackRock’s IEMG. He added that the ETF is now ranked in the top 1% of all ETFs by assets and, at just 10 months old, is already larger than all 2,800 ETFs launched in the past decade.