Bitcoin is currently priced at $97,891 with +0.21% increase from the last 24 hours, while Ethereum is at $3,360, down by -0.97% in the past 24 hours. The market's 24-hour long/short ratio in the futures market was almost balanced at 48.7% long versus 51.3% short positions. The Fear and Greed Index, which measures market sentiment, was at 80 yesterday and maintains the Extreme Greed level at 82 today. Bitcoin is experiencing a correction and remains some distance away from the highly anticipated $100,000 mark. According to cryptocurrency analytics platform CoinGlass, $495 million in crypto assets have been liquidated over the past 24 hours, with long positions accounting for the majority of losses at $382.7 million. Let's break down the numbers driving this rally and their impact on the wider market.

1. Solana's average daily DEX trading volume over the past week remained above $6 billion, with a market share of 45%.

2. Wall Street bond trading giant Cantor Fitzgerald to acquire approximately 5% ownership stake in Tether.

3. Tether minted an additional $3 billion USDT stablecoins. Since November 8, 2024, Tether has minted approximately $13 billion. 

 Crypto Fear & Greed Index | Source: Alternative.me 

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Bitcoin ETF flows. Source: SoSoValue

U.S. Bitcoin ETFs are driving Bitcoin's rally with a huge $1 billion inflow on November 22, 2024. This brings total ETF inflows this week to $2.8 billion. U.S. Bitcoin ETFs now hold $105.91 billion in BTC, making up about 5.46% of Bitcoin's total market cap, which sits at $1.94 trillion. This massive capital shows institutional investors still see value in Bitcoin as it approaches record highs.

BlackRock's iShares Bitcoin Trust (IBIT) led the inflows, bringing in $608.41 million in one day, pushing its total net inflows to $30.82 billion. IBIT’s net assets stand at $47.92 billion, solidifying its lead in the Bitcoin ETF market. Fidelity’s Wise Origin Bitcoin Fund (FBTC) added $300.95 million in inflows, bringing its total to $11.52 billion with $19.54 billion in net assets.

Bitwise Bitcoin ETF (BITB) added $68 million, followed by ARK 21Shares Bitcoin ETF (ARKB) with $17.18 million. Grayscale’s Bitcoin Mini Trust saw $6.97 million in new inflows, while VanEck Bitcoin ETF (HODL) and Franklin Templeton Digital Holdings Trust (EZBC) each gained $5.7 million. On the other hand, Grayscale Bitcoin Trust (GBTC) saw outflows of $7.81 million, taking its total net outflow to $20.26 billion. This variation shows the diverse preferences in ETF choices among investors.

Read more: US Bitcoin ETFs Cross $100 Billion in Assets: What It Means for Crypto Investors

Source: Arkham Intelligence

Tether minted an extra $3 billion in USDT on November 23, pointing to high liquidity demand in the market. Onchain data shows $2 billion USDT was minted on Ethereum and $1 billion on Tron. Stablecoin volumes often reflect market interest, with high volumes linked to increased trading activity. The minting of $3 billion USDT suggests traders expect strong price moves as Bitcoin closes in on $100,000.

Stablecoins like USDT offer a quick way for investors to shift capital between crypto and fiat, making it easier to trade during market surges. The increase in USDT indicates a bullish mood and demand for liquidity to back continued momentum.

Read more: USDT vs. USDC: Differences and Similarities to Know in 2024

Leading networks by sales volume in the last week. Source: CryptoSlam

NFTs showed strong performance last week with $158 million in sales by November 24. Although down 12.7% from $181 million the week before, NFT activity remained high. Ethereum led with $49 million in weekly sales, a 25.9% decrease, but still ahead of other blockchains.

Bitcoin-based NFTs hit $43 million in sales, down 29%, while Solana reached $23.9 million—a 9% drop. Polygon, Mythos Chain, Immutable, and BNB Chain together recorded $35.8 million in weekly sales. Solana led with 185,000 NFT buyers, up 57.99% from last week’s 117,000 buyers, showing solid interest despite the slight drop in sales volume.

The average NFT sale was valued at $126.17, compared to $133.08 last week. While overall sales dipped, the volume still stayed above early November levels, when weekly sales were $93 million—highlighting a 69% rise from earlier in the month.

Read more: Top Solana NFT Projects to Keep an Eye On

Bitcoin’s march toward $100,000 is powered by massive ETF inflows—$1 billion in a single day. U.S. Bitcoin ETFs now hold $105.91 billion in BTC, or 5.46% of the market cap, showing strong support from institutional investors. The minting of $3 billion in USDT by Tether highlights increased liquidity demand, boosting the market's bullish sentiment.

The NFT market also remains strong despite minor dips, with high sales activity and new buyers, especially on Solana. This shows resilience across the crypto market, despite fluctuations in price.

The current rally and ETF involvement point to Bitcoin's growing status as a store of value. As ETF inflows continue and stablecoin volumes rise, Bitcoin's move toward $100,000 seems inevitable. With increasing adoption by both retail and institutional players, the broader crypto market is gearing up for a transformative period in financial history.