Bitcoin, the world’s largest crypto asset, hit a record-high trading volume after the cryptocurrency reached a new all-time high of $89,956 on Nov. 12.

According to a Matrixport report, Bitcoin’s trading volume soared above $145 billion in the past 24 hours, marking a new all-time peak that stands roughly 50% above previous highs observed in August and March this year.

In later trading hours, the volume continued to climb, briefly surpassing $170 billion according to Coingecko data.

Analysts at Matrixport noted that the surge in Bitcoin’s volume was driven largely by growing retail investor interest following Donald Trump’s recent victory in the U.S. presidential election. 

Trump has vowed to foster a crypto-friendly environment in the U.S., with promises to make it the “crypto capital of the planet,” establish a Strategic Bitcoin Reserve, and replace SEC Chair Gary Gensler—a stance the crypto sector views as a strong bullish catalyst.

Google searches for Bitcoin have also significantly increased, reaching the highest level in five years, with a 78% rise, also confirming the growing public interest in the flagship cryptocurrency.

Further, spot Bitcoin ETFs have also recorded a major uptick following Trump’s victory, bringing in over $4.2 billion, which has helped fuel Bitcoin’s rally to its recent all-time high.

Matrixport’s analysis noted that, based on historical trends, growing retail trading activity often sustains for several weeks, sometimes even months, during market upswings. As such, it is likely that BTC will maintain its bullish momentum in the coming weeks, the report added.

When writing, Bitcoin (BTC) was down 2.61% from its all-time high, as the cryptocurrency appeared to be undergoing a typical correction following its recent rally.

However, BTC proponents, like Michael Saylor, Arthur Hayes, and much of the crypto community, remain optimistic, projecting prices will climb higher, with targets of $100,000 and beyond.

Previously, analysts at Berstein noted that they remain confident in their price target of $200,000, owing to a crypto-friendlier regulatory environment under Trump, and the hopes of a pro-crypto SEC.

On X, one crypto trader pointed to a potential bullish pennant pattern forming on Bitcoin’s four-hour chart, noting a possible target of $103,000 in the near term.

Meanwhile, banking giant Standard Chartered expects BTC will reach $125,000 by January 2025.

However, before its next leg up, pseudo-anonymous analyst Rekt Capital expects Bitcoin’s price to correct further. According to the analyst, Bitcoin has only reached about 50% of its potential gains this bull cycle and expects the peak to be hit sometime around October next year.

DeFi Technologies, a company bridging traditional finance with cryptocurrency by providing exposure to digital assets, has announced a new platform aimed at adding Solana to its balance sheet.

In an announcement on Nov. 12, DeFi Technologies revealed it had created a spinout entity named SolFi, which will focus on adopting a Solana (SOL) treasury strategy. According to a blog post, SolFi will offer investors direct exposure to Solana and its ecosystem, including “proprietary trading, validator node operations, and ecosystem investments.”

The company is looking to follow in the footsteps of MicroStrategy, whose Bitcoin (BTC) strategy has inspired similar approaches across the market. Metaplanet, often referred to as “Asia’s MicroStrategy” after acquiring substantial BTC holdings in recent months, is one such example.

Microstrategy inspired approach

According to DeFi Technologies, SolFi will act as its “MicroStrategy for Solana,” allowing the firm to tap into the SOL ecosystem’s high-yield staking and growth potential. SolFi plans to leverage capital structures beyond those available to exchange-traded funds to provide access to SOL’s potential upside and cash flow.

In a comment, DeFi Technologies chief executive officer Olivier Roussy Newton said:

“The success of Microstrategy has elevated exposure to the #1 digital asset in Bitcoin, and we look forward to focusing SolFi’s digital asset strategy towards Solana from the ground-up. Like Microstrategy, SolFi will generate cash flow from an operating company, and tap capital markets for creative financing structures that allows SolFi to quickly grow its treasury and accelerate its staking operations.”

SolFi will help DeFi Technologies bring more value to its shareholders, he added.

MicroStrategy recently purchased over $2 billion worth of BTC to see its holdings of the flagship digital asset reach 279,420 BTC. The company acquired this haul since August 2020 and has spent approximately $11.9 billion.

On November 12, MicroStrategy founder Michael Saylor shared that its treasury operations have seen it hit a BTC yield of 26.4% year-to-date, with shareholders receiving a net benefit of roughly 49,936 BTC.

“This is equivalent to 157.5 BTC per day, acquired without the operational costs or capital investments typically associated with bitcoin mining,” Saylor posted on X.

Stablecoin issuer Tether has unveiled a wallet development kit allowing developers and businesses to integrate non-custodian wallets for Bitcoin and USDT into apps and websites.

According to a Nov. 11 announcement, the WDK wallet development kit is designed for both human and digital beings like AI agents, robots, and autonomous systems.

Tether’s newly unveiled software, WDK, honors the “groundbreaking vision” of the 2008 Bitcoin white paper. WDK is designed to strengthen the firm’s commitment to the core principles of “decentralized and permissionless financial systems,” equipping developers with tools that prioritize “user sovereignty” and control, the announcement added.

The kit promises a “non-custodial” and “modular & customizable” approach, which Tether CEO Paolo Ardoino describes as essential for building “programmable, open, and resilient monetary systems.”

In a Nov. 11 X post, Ardoino announced that the kit will initially support Bitcoin and USDT, with plans to expand to all blockchains “supported by Tether’s stablecoins,” adding that WDK will also expand to offer UI templates to streamline wallet deployment across platforms.

Tether is currently the world’s largest stablecoin with a market cap of over $124 billion. The majority of Tether’s circulating supply is held on Tron and Ethereum, accounting for 46.8% and 42.31% of the total, respectively, according to DefiLlama.

Tether’s moves in the AI sector

The launch of the AI-supported development kit aligns with Tether’s commitment to embracing AI technology. It follows the establishment of an AI division in March, where the company aims to develop open-source AI models to tackle real-world challenges.

In an August interview, Ardoino said that decentralization could offer crucial independence in AI, which he described as “heavily politicized.” He noted at the time that Tether’s investment approach is focused on supporting AI projects aligned with decentralization and financial freedom, prioritizing ventures that challenge the centralized control of major tech players.

Last month, Tether unveiled its AI SDK, dubbed “Local AI,” during the Plan ₿ event in Lugano, Switzerland, offering a privacy-focused platform for running AI models locally on various devices.