Market Cap Bitcoin Reaches 1 Trillion US Dollars, ETF Becomes The Main Driver

Bitcoin, the world's largest digital asset by market cap. (Photo; Doc. Unsplash)

JAKARTA - Bitcoin set a new record by breaking the market capitalization value of $1 trillion (Rp15,606.58 quadrillion), an unprecedented level since 2021. This achievement won praise from Richard Teng, who was recently appointed chief executive of Binance, the world's largest crypto exchange by trading volume.

Through his Twitter account, Teng congratulated the Bitcoin community on this monumental achievement. Teng also shows the influence and resilience of this digital currency in the global financial market.

The price of Bitcoin surged past $51,000 per coin, making it more valuable than giant companies like Tesla, Walmart, and even Berkshire Hathaway, investment funds led by Warren Buffett, one of the famous Bitcoin critics.

This comparison, expressed by on-chain data aggregator Glassnode, describes the scale and significant impact of current Bitcoin market valuations. The rise in Bitcoin prices is driven by a large inflow into the spot's Bitcoin ETF, which shows high and new investor confidence in the cryptocurrency.

ETF Bitcoin Spot Factors Pendoro Market Capitalization

The crypto market has experienced a tremendous wave of investment, especially into the spot's Bitcoin ETF. According to a report from CoinDesk, the BTC ETF received more than 600 million US dollars (Rp9.36 trillion) of new investments on Thursday, with nearly half a billion dollars on Wednesday.

This surge in investment is a major factor in pushing the Bitcoin market capitalization upwards. One of the parties who benefited from this trend was BlackRock's IBIT ETF, which saw its inflows exceeding $5 billion, far outperforming other Bitcoin ETFs. This development is evidence of Bitcoin's growing acceptance and mainstreaming as a viable investment asset.

Anthony Scaramucci, founder of SkyBridge Capital, highlighted the importance of this inflow, signaling strong market sentiment and investor optimism for Bitcoin. A major investment into Bitcoin's ETF reflects a broader market trend where investors are increasingly considering digital currencies as part of their investment portfolio.