Crypto Market Cap Reaches Record $3.1 Trillion

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Table of Content

In today edition we talk about

• Bitcoin Price Surge Driven by Supply Shock, Not Just Trump’s Win

• Crypto Market Cap Reaches Record $3.1 Trillion, Nearing France’s GDP

• DeFi Technologies Launches SolFi as "Microstrategy for Solana"

• Kaiko Acquires Vinter to Strengthen Crypto Indexing and Analytics Dominance

Bitcoin Price Surge Driven by Supply Shock, Not Just Trump’s Win

Bitcoin's recent price rally may have been boosted by the favorable stance of the new U.S. administration, but the real driver is a post-halving supply shock, according to Jesse Myers, co-founder of Onramp Bitcoin. The April halving cut Bitcoin's block rewards from 6.25 to 3.125 BTC, tightening supply and creating a price pressure as demand exceeds available coins.

Demand has also intensified due to Bitcoin ETFs, with inflows outpacing mined Bitcoin; on Nov. 11, ETF purchases hit nearly 13,940 BTC while only 450 BTC were mined. Myers explained this supply-demand imbalance often results in price bubbles every four years, following past patterns from previous halvings.

On-chain analyst James Check noted Bitcoin’s scarcity compared to assets like gold, which continually add new supply, predicting a strong upward price trend. Similarly, financier Anthony Scaramucci encouraged Bitcoin adoption, hinting that the U.S. might establish a strategic Bitcoin reserve, with institutions and other nations potentially following suit.

With 94% of Bitcoin already in circulation or lost, only about 1.2 million BTC remain to be mined, adding more pressure to Bitcoin’s constrained supply.

Crypto Market Cap Reaches Record $3.1 Trillion, Nearing France’s GDP

The cryptocurrency market has hit a record-high market capitalization of $3.12 trillion, approaching the GDP of France. If the crypto sector were a country, it would rank as the world’s eighth-largest economy, trailing only the U.S., China, Germany, Japan, India, the U.K., and France.

Bitcoin’s surge to $89,500 on Nov. 11 has largely driven this growth, bringing its own market cap to over $1.77 trillion, surpassing Spain’s GDP. The broader crypto market is now valued above Microsoft and is quickly closing in on Nvidia and Apple.

Markus Thielen of 10x Research predicts Bitcoin dominance will remain strong as the market cap advances toward $4 trillion, with expectations for Bitcoin to reach $100,000 by year-end. However, Rachael Lucas from BTC Markets believes a major rally in altcoins would be necessary to hit the $4 trillion mark, potentially reducing Bitcoin’s dominance.

Bitcoin is currently valued at $89,478, nearing the $90,000 milestone.

DeFi Technologies Launches SolFi as "Microstrategy for Solana"

DeFi Technologies has launched SolFi, a new platform exclusively focused on Solana, positioning it as a "Microstrategy for Solana." SolFi aims to provide investors with direct exposure to the Solana blockchain through proprietary trading, validator node operations, and ecosystem investments.

SolFi plans to stand out by offering higher yields on staked Solana (SOL) than competing platforms. Using DeFi Technologies’ validator and a proprietary Maximum Extractable Value (MEV) engine, SolFi aims to generate consistent cash flow, which can be reinvested or distributed as dividends.

Following Microstrategy’s model, SolFi will focus on Solana from the ground up, using innovative financing to expand its treasury and accelerate staking. With bullish sentiment around Solana, DeFi Technologies is betting on its continued growth and widespread investor interest.

Kaiko Acquires Vinter to Strengthen Crypto Indexing and Analytics Dominance

Kaiko, a major crypto market data and analytics provider, has acquired European crypto index provider Vinter, reinforcing their position in U.S. and European markets. Together, they aim to better serve asset management and sell-side participants.

Vinter, a European Securities and Markets Authority-registered benchmarks administrator, offers services for ETPs on exchanges like SIX, Nasdaq, and Deutsche Boerse. Kaiko serves the derivatives market, working with platforms such as CBOE and Gemini. Combining their expertise enhances coverage across both derivatives and asset management sectors, positioning Kaiko and Vinter as leaders in crypto data.

The deal, which values Kaiko at $200 million, highlights its commitment to Europe’s growing ETP market, where AUM is around $13.64 billion across Germany, Sweden, and Switzerland. This is Kaiko’s third acquisition, following previous deals for Kesitys and Napoleon Index.

With new European ETP launches, including staking options not available in the U.S., Kaiko aims to capitalize on Europe's regulatory and market expansion.

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