Crypto Market Surges Today: Key Drivers Behind the Rally

Crypto bulls charge ahead as digital assets notch double-digit gains. Here's what's fueling the fire.

Institutional FOMO kicks in

Wall Street whales are diving back into crypto waters after months of sidelined capital. Spot ETF volumes hit $9.8B yesterday—highest since the 2024 halving rally.

Macro winds shift

The Fed's dovish pivot sends risk assets soaring. Traders now price in three rate cuts by Q2 2026, crushing the dollar index to 10-month lows.

Ethereum's Shanghai upgrade delivers

Post-upgrade ETH staking withdrawals process smoothly, removing a major overhang. Liquid staking derivatives see 47% weekly inflow spike.

Bonus jab

Meanwhile in traditional finance: bankers still can't decide if crypto is 'dead' or their next bonus-generating product.

The wider crypto market, led by Bitcoin (BTC), recorded a mild rebound on Friday, November 7. The total crypto market cap surged 4% to hover around $3.49 trillion at press time. 

Bitcoin price rebounded 3% to trade above $103.6k at press time. ethereum (ETH) was up over 4% to trade around a crucial liquidity supply of about $3,446. 

Main Reasons Why the Crypto Market Surged Today

Selective Altcoin Surge: privacy-centric altcoins have outperformed the rest of the crypto market 

The crypto market recorded mild gains on Friday after several altcoins – led by NEAR, ZEC, and DASH – registered palpable gains during the past week. As such, renewed Optimism for a potential altcoin season bolstered the mild crypto rebound on Friday.

Institutional momentum: renewed whale demand amid ETF hype

The institutional demand for crypto assets has gradually returned after a period of silence. On Friday, JPMorgan and Ark Invest announced a notable stake in BitMine, which is heavily invested in the Ethereum market.

According to on-chain data analysis, Bitcoin whales have been purchasing the dip during the past few days. According to on-chain data analysis from Santiment, Bitcoin addresses with a balance of between 1k and 10k added 10k coins during the past 24 hours, thus increasing their holdings to 4.22 million coins. 

During the past week, bitcoin whales accumulated 30k BTCs, valued at over $3 billion.

Bitcoin whales bought 30,000 Bitcoin worth $3 BILLION this week

Smart money bought the dippic.twitter.com/RFPjzTpvcB

What’s Next?

The crypto bull market has yet to experience the full potential of mainstream institutional adoption fueled by clear regulations in top jurisdictions. With the ongoing U.S. government shutdown, the small capital has been flowing to the artificial intelligence space and little to crypto.

However, the situation is expected to change after the Federal Reserve kicks off its Quantitative Easing (QE) next month.