The bullish theory for Bitcoin trading above $100,000 has only solidified in recent weeks, Bitwise CIO Matt Hogan argues in a new X post.
Hogan said Bitcoin (BTC), the only trillion-dollar cryptocurrency, will inevitably reach more than six digits per coin due to a combination of institutional, macroeconomic, and on-chain factors. I explained.
Exchange-traded fund expert Eric Balchunas said that the total net flow of spot Bitcoin exchange-traded funds in the United States exceeded $20 billion. The US Bitcoin ETF complex saw $1.5 billion in inflows this week, pushing assets under management to over $65 billion.
ETFs tracking legacy assets such as gold have taken years to achieve these numbers, Balciunas said. Bitcoin products reached this milestone in less than a year, demonstrating strong demand from retail and institutional investors.
Total net flows for Bitcoin ETFs exceeded $20 billion for the first time after a huge week of $1.5 billion (the highest number of imps in the ETF world, and the most difficult metric to grow). By comparison, it took about five years for gold ETFs to reach the same numbers. Total assets now stand at $65 billion, also a record high. pic.twitter.com/edldEimfqd
— Eric Balchunas (@EricBalchunas) October 17, 2024
Hogan, along with QCP Capital and other experts, pointed to the upcoming US presidential election as another catalyst for Bitcoin price acceleration. Pro-Bitcoin candidate Donald Trump has led several on-chain betting polls on platforms such as Calci and Polymarket.
There is also growing evidence that Bitcoin’s price performance will remain strong regardless of which party controls the White House.
Hogan cited Bitcoin whale accumulation as another bullish indicator. CryptoQuant data has confirmed that large Bitcoin holders are purchasing the asset at unprecedented rates. CryptoQuant founder Ki Young Ju said Bitcoin’s open interest has reached an all-time high of $20 billion, with new whale wallets currently controlling 9.3% of the total supply.
New whale wallet holds 1.97 million coins #bitcoin.
Each is over 1,000 BTC and the average age of the coins is less than 155 days, where they may be stored, excluding exchanges and miners’ wallets.
Their BTC balance has increased 813% year-to-date, accounting for 9.3% of total supply, and reaching a value of $132 billion today. pic.twitter.com/pxq0tcqMuW
— Ki Young-ju (@ki_young_ju) October 16, 2024
The consensus among crypto supporters is that liquidity will soon flow into risk assets due to seasonal data, new highs in stock prices, and global interest rate cuts by central banks such as the Federal Reserve. Historically, Bitcoin often rises in the fourth quarter, and experts suggest the low funding rate environment could further support this trend.
