Bitcoin’s Bullish Trajectory: $100,000 Milestone in Sight

In recent weeks, the bullish outlook for Bitcoin trading above $100,000 has strengthened, according to Bitwise CIO Matt Hougan. Bitcoin, the only trillion-dollar asset in the cryptocurrency space, is expected to cross six figures per coin due to a combination of institutional, macroeconomic, and on-chain factors.

Institutional Interest and Bitcoin ETFs

Expert Eric Balchunas highlighted that U.S. spot Bitcoin exchange-traded funds (ETFs) have surpassed $20 billion in total net flows. The American Bitcoin ETF complex now manages over $65 billion in assets, following $1.5 billion in inflows this week. This rapid growth signals strong demand from both retail and institutional investors.

Balchunas noted that while ETFs tracking legacy assets like gold took years to reach these numbers, Bitcoin products achieved this milestone within a year. This underscores the growing interest and confidence in Bitcoin as an investment vehicle.

Whale Accumulation and On-Chain Data

Hougan, along with QCP Capital and other experts, pointed to the upcoming U.S. presidential elections as another catalyst for Bitcoin’s price acceleration. Pro-Bitcoin sentiment is rising, with candidates like Donald Trump leading several on-chain betting polls.

Additionally, Bitcoin whale accumulation is seen as a bullish indicator. Data from CryptoQuant shows that large Bitcoin holders have been buying the asset at unprecedented rates. CryptoQuant founder Ki Young Ju confirmed that Bitcoin’s open interest hit an all-time high of $20 billion, with new whale wallets now controlling 9.3% of the total supply.

“New whale wallets now hold 1.97M Bitcoin. Each has over 1K BTC, with an average coin age under 155 days. Their BTC balance surged 813% year-to-date, taking up 9.3% of the total supply, valued at $132B today.”

Market Conditions and Seasonal Trends

The consensus among crypto proponents is that liquidity will flow into risk assets soon. Factors such as seasonal data, new stock price highs, and global rate cuts by central banks like the Federal Reserve are cited as contributing factors. Historically, Bitcoin has gained in the fourth quarter more often than not, and experts suggest that a low-funding rate environment could further support this trend.

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