Crypto market has surged by over $800 billion since Donald Trump’s victory in the U.S. elections on November 5. Investors are riding high on hopes that his promise to turn the U.S. into a global crypto hub will fuel a digital asset boom.
The fireworks began with a jaw-dropping debut of new Bitcoin ETF options. BlackRock’s IBIT Bitcoin ETF options raked in nearly $2 billion in nominal exposure on their launch day — a feat some analysts have called "unheard of" for a first outing.
James Seyffart, an analyst at Bloomberg Intelligence, said:
UPDATE: Final tally of $IBIT's 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls & 65k were Puts. That's a ratio of 4.4:1. These options were almost certainly part of the move to the new #Bitcoin all time highs today pic.twitter.com/IN3s9hajJ2
— James Seyffart (@JSeyff) November 19, 2024
Seyffart nailed it. Bitcoin indeed rocketed past $94,000 to a record high on Tuesday before settling around $92,000 in Asian trading on Wednesday.
And speaking of Asia, let’s not overlook the mountainous kingdom of Bhutan, which has quietly become the region’s front runner in Bitcoin accumulation.
Bhutan’s Big Bitcoin Bet
The small, unassuming mountain nation of Bhutan has proven far more astute than anyone might have expected. Back in 2019, the country’s state-owned investment arm, Druk Holding & Investments, began mining Bitcoin using electricity from the Himalayan mountain kingdom’s abundant hydroelectricity.
CEO Ujjwal Deep Dahal cannot confirm the value of Bhutan’s Bitcoin holdings, stating only that they’re a “key part of our core domestic strategy for asset management and diversification.” However, these holdings now amount to 34% of the country’s GDP.
🇧🇹 NEW: Bhutan has accumulated $1.1B in #Bitcoin, making up 34% of its total GDP. pic.twitter.com/MPNGbUJxmB
— Cointelegraph (@Cointelegraph) November 20, 2024
According to research firm Arkham Intelligence, Bhutan’s Bitcoin treasure trove has surged in value by over $200 million, reaching $1.1 billion after the recent U.S. elections.
Asia’s Crypto Craze Growing
Optimism is sweeping across Asia, as several jurisdictions in the region position themselves at the forefront of cryptocurrency adoption. Whether it’s for investment, hedging against weak local currencies, or enabling faster and cheaper money transfers.
In South Korea, traders are shifting away from Bitcoin’s relative stability and investing in smaller, riskier tokens. The country’s top crypto exchange, Upbit, saw its share of global crypto trading rise by two percentage points to 4.3% between November 5 and 10.
Roger Li, co-founder of Hong Kong-based One Satoshi, a network of stores offering OTC cash-to-crypto conversions, revealed that business has been booming. He said:
With the growth we’re seeing and our belief that the rally will continue, we’re expanding. We want to have bigger stores to serve more customers.
Japan is also making moves. Monex Group Inc. announced that its crypto exchange operator, Coincheck Group, is finally set to go public in the U.S. this December. Meanwhile, Tokyo-based Metaplanet Inc. saw its stock soar 60% this month amid excitement over its Bitcoin accumulation strategy funded by debt and equity.
Even utility tokens are getting in on the action. Cronos, the token of Singapore’s leading exchange Crypto.com, has doubled in value. Singapore-based Genius Group Ltd., an ed-tech firm listed in the U.S., saw its shares skyrocket 138% after shifting to a Bitcoin-first reserves strategy.
Singapore and Hong Kong are now vying to become digital asset hubs, creating regulatory frameworks to attract investors. Even in China, where crypto is officially banned, signs of demand are evident in the gray market.
It’s clear that Asia’s crypto markets are poised to ride the Trump-fueled pro-crypto wave, and are likely to fast-track transparent regulations to capitalize on the momentum.
HODL Team
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