Van Eck believes BTC can reach $180,000 this cycle, but warns that high financing rates may be indicating the beginnings of “overheating.”
Van Eck, a global financial manager, has reiterated his $180,000 price prediction for Bitcoin at the apex of the current cycle.
In its latest Bitcoin study on Nov. 21, Van Eck digital asset experts Nathan Frankovitz and Matthe Sigel stated that the next phase of the crypto bull market is just “just beginning.”
They anticipated that an increasingly friendlier regulatory climate in the United States, along with increased institutional interest, could propel Bitcoin (BTC) to $180,000 over the next 18 months.
Like many other market experts, the analysts cited Trump’s election victory as the key reason for a surge that has seen the price of Bitcoin climb as high as $99,800 in the previous 24 hours.
According to TradingView statistics, Bitcoin is currently trading at $98,500, only 1.5% away from breaking the all-time high of $100,000.
High funding rates show signs of overheating
The researchers stated that as of November 11, Bitcoin has entered a “new phase” in which financing rates on perpetual futures contracts had surpassed 10%.
“This shift points toward stronger short- to medium-term momentum, as historically, elevated funding rates have been linked to higher 30 to 90-day returns, reflecting heightened bullish sentiment and demand,” they said.
However, they warned that when funding rates stay high, the market begins to transition into a phase where investors seeking longer-term profits — over one or two years — become unfavorable.
“On average, purchases made on days when funding rates were above 10% began underperforming at the 180-day mark, with this trend becoming even more pronounced over 1-year and 2-year periods.”
Several analysts told that they anticipate Bitcoin will trade at $100,000 or “well above” before the end of the year, however given current market circumstances, other analysts believe Bitcoin may easily reach $100,000 within the next week.
BlackRock’s IBIT hits $513M in daily inflows, Bitcoin ETFs net value reaches $107.488B
BlackRock’s IBIT ETF led the way with a record $513 million single-day inflow.
Bitcoin Spot ETFs experienced a jump in inflows, totaling $490 million on November 22, marking the fifth straight day of strong momentum.
According to SoSo Value statistics, BlackRock’s IBIT ETF led the push, with a record $513 million single-day inflow.
The entire net asset value of Bitcoin Spot ETFs has now hit $107.488 billion, confirming their supremacy in the crypto ETF industry.
Major Bitcoin holders expand BTC reserve
The steady inflows into Bitcoin Spot ETFs occur when significant Bitcoin holders such as MicroStrategy and Metaplanet increase their Bitcoin holdings.
MicroStrategy, managed by Michael Saylor, said on Monday that it has bought $4.6 billion in Bitcoin.
The company also announced intentions to raise an extra $1.75 billion in convertible notes to boost its bitcoin holdings.
Recently, MicroStrategy announced that company has completed an offering of 0% convertible senior notes due in 2029, earning $3 billion that will be used to buy additional Bitcoin.
The offering contains an initial $2.6 billion, with an extra $400 million granted as an option exercised by first purchasers. The deal was concluded on Thursday.
Similarly, Metaplanet recently announced plans to raise $11.3 million in a third round of conventional bonds to fund its Bitcoin purchase.
The continuous macroeconomic uncertainty, defined by rising inflationary pressures and geopolitical tensions, has pushed business treasurers to consider Bitcoin as a reserve asset.
On November 22, Bitcoin spot ETF had a total net inflow of $490 million, which continued for 5 consecutive days. BlackRock ETF IBIT had a single-day net inflow of $513 million. The total net asset value of Bitcoin spot ETF is $107.488 billion.https://t.co/59u0BnEqLG pic.twitter.com/HPRzaFyOby
— Wu Blockchain (@WuBlockchain) November 23, 2024
Abra, a digital asset prime services platform, has announced a solution aimed at corporations looking to store cryptocurrencies as reserve assets on their balance sheets.
Ethereum Spot ETFs also had a significant bounce on November 22, after six days of outflows.
Total inflows amounted to $91.2 million, with BlackRock’s ETHA ETF providing $99.67 million.
Cboe to launch Bitcoin ETF-linked options
On December 2, Cboe Global Markets Inc. will issue the first cash-settled index options based on Bitcoin’s current price.
These options will be based on the Cboe ETF Index, which follows a number of U.S.-listed spot Bitcoin ETFs.
The move follows Nasdaq’s recent launch of Bitcoin ETF options, which allow investors to hedge risks or speculate on Bitcoin price changes via derivatives.
Due to regulatory concerns, crypto derivatives such as options and futures have traditionally been traded largely outside of the United States.
However, growing institutional interest and a more favorable regulatory environment have prompted major exchanges like as Cboe to expand their offers.
Other significant firms, such as Grayscale and BlackRock, have entered the options market, increasing its liquidity and attractiveness.
Bitcoin ETFs have gained popularity, accounting for 5.33% of all mined Bitcoin.
Significant price peaks in March and November coincided with $4 billion in ETF inflows, demonstrating the funds’ effect on market dynamics.
Bitcoin ETF trading volumes topped $7.22 billion earlier this month, while Ethereum ETFs saw $295 million in inflows, fueled by institutional demand from companies like as BlackRock and Fidelity.
BlackRock’s Bitcoin ETF is the market leader, with assets under management (AUM) of $40 billion, putting it in the top 1% of worldwide ETFs.
Ripple CEO shares bullish news with XRP army as Trump names Treasury Secretary
Ripple CEO Brad Garlinghouse delivers excellent news with the XRP community: Donald Trump has nominated Scott Bessent as US Treasury Secretary.
Ripple CEO Brad Garlinghouse has announced more excellent news for the XRP community. US President-elect Donald Trump has officially appointed his Treasury Secretary, making the crypto world, including Garlinghouse, optimistic about XRP and the conclusion of the SEC litigation. Ripple CEO Garlinghouse believes Scott Bessent is the ideal candidate.
Donald Trump nominates Scott Bessent as US Treasury Secretary
US President-elect Donald Trump has selected Scott Bessent to oversee the US Treasury Department. The next Treasury Secretary is the founder of hedge fund company Key Square Group. He is most remembered for making the famous short bet on the British pound in 1992 while working for George Soros.
Choosing the US Treasury Secretary proved to be one of Trump’s most important moves, as Wall Street anxiously monitored the drama. The competition included former Federal Reserve Governor Kevin Warsh and Apollo Global Management CEO Marc Rowan.
Both Wall Street and the cryptocurrency market responded positively when Trump chose Scott Bessent to oversee the Treasury Department. Bessent is optimistic about crypto adoption policy, but investors want more information on his views on fiscal policy and the following stages.
Ripple CEO Brad Garlinghouse hails Trump’s Treasury Sec Pick
Ripple CEO Brad Garlinghouse took to X to express his delight with Scott Bessent’s appointment as Treasury Secretary. He stated, “I don’t want to get too far ahead of myself, but…” Scott Bessent is the best choice.” He thinks Bessent will be the most pro-innovation, crypto-friendly Treasury Secretary ever.
Other cryptocurrency executives and experts, like Charles Hoskinson, John Deaton, Matthew Sigel, and David Bailey, responded enthusiastically.
John Deaton, a pro-XRP lawyer, stated that the Trump transition team must now get “SEC Chair right, we are about to enter the Digital Age of Innovation.” Meanwhile, pro-XRP lawyer Jeremy Hogan forecasted a possible completion date for the Ripple SEC lawsuit.
XRP price rises over $1.60 as Ripple CEO turns bullish
Ripple CEO and Cardano creator Hoskinson’s positive remarks sparked a further spike in XRP and ADA prices. All eyes are now focused on Donald Trump’s future nominees.
The XRP price has risen by more than 60% this week, with a 12% increase in the previous 24 hours alone. XRP reached a 24-month high of $1.62, with trading volume increasing by 22%. Popular experts projected an XRP price of $2.
The ADA price increased by 22% in the last 24 hours, ultimately topping $1. The current 24-hour low and high are $0.856 and $1.140, respectively. Furthermore, trading volume has grown by 130% in the previous 24 hours, demonstrating widespread interest among traders.
