Monday Market Minute | Nov 11, 2024

Bitcoin explodes past $90K on Trump victory euphoria

What Moved

Bitcoin surged past $90,000 in the week following Trump's election victory, driven by expectations of crypto-friendly regulation, potential national Bitcoin reserve legislation, and massive institutional ETF inflows. The rally was the most explosive single-week move in Bitcoin's history, adding hundreds of billions in market capitalization. Canadian crypto ETF providers saw record trading volumes as both retail and institutional investors piled in.

Why It Matters

The post-election crypto surge validated the thesis that digital assets had become a policy-sensitive macro trade, not merely a speculative instrument. For Canadian HNW investors with existing crypto allocations, the gains were extraordinary — but portfolio rebalancing discipline was critical. Position sizes that had been 2–3% of a portfolio a year ago could now be 5–8% purely from appreciation, creating unintended concentration risk.

Signal to Watch

Whether the rally would extend toward $100,000 or trigger profit-taking and a sharp correction. The speed and magnitude of the move created conditions for leveraged liquidations. Long-term allocators needed to resist chasing momentum and maintain disciplined rebalancing schedules.

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