bullish

Donald Trump

Bitcoin ETF

President Donald Trump

Bitcoin may surpass $80,000 by the end of 2024 as derivatives markets and holder profitability show significant bullish signals, according to a report from crypto exchange Bitfinex shared with Cointelegraph.
The Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) price could be heading above $80,000 based on the structure of the derivatives markets, Bitfinex analysts <a data-ct-non-breakable="null" href="https://blog.bitfinex.com/wp-content/uploads/2024/10/Bitfinex-Alpha-128.pdf" rel="nofollow noopener" target="_blank" text="null" title="https://blog.bitfinex.com/wp-content/uploads/2024/10/Bitfinex-Alpha-128.pdf">told</a> Cointelegraph, with options markets showing potential for a post-United States election rally. They added:
<blockquote>
 “Options market positioning indicates that over the past few weeks, end-of-year options have seen a significant rise in call open interest. The December 27th expiry and calls with an $80,000 strike price have been the primary areas of interest.”
</blockquote>
<figure>
 <img alt="Bitcoin’s path to $80K fueled by bullish derivatives trends" src="https://s3.cointelegraph.com/uploads/2024-10/0192d77c-620a-73fa-be0b-4b017dd96db6" title="">
 <figcaption style="text-align: center;">
 Daily BTC volume throughout the US elections. Source: Standard Chartered Research, Bitfinex
 </figcaption>
</figure>
On Oct. 28, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-hits-70-k-after-etfs-notch-six-day-inflow-streak" rel="null" target="null" text="null" title="null">Bitcoin surpassed the $70,000</a> psychological resistance for the first time since June 10, with BTC price just 3.77% below its all-time high of about $73,800.&nbsp;
Investors are looking for the next major signal that could catalyze Bitcoin’s historic post-halving rally, which may come in a week with the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-elections" rel="null" target="null" text="null" title="null">US presidential elections</a>.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/polymarket-whale-trump-odds-manipulation" rel="null" target="null" text="null" title="null">Polymarket whale raises Trump odds, sparking manipulation concerns</a>
<h2 id="us-elections-anticipation-is-driving-higher-bitcoin-etf-inflows">US elections anticipation is driving higher Bitcoin ETF inflows</h2>
The upcoming elections are also inspiring more optimism in Bitcoin <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-are-etf-fund-flows-and-why-do-they-matter" rel="null" target="null" text="null" title="null">exchange-traded fund (ETF)</a> buyers, which may also contribute to Bitcoin’s price rise.
On Oct. 28, the US Bitcoin ETFs recorded over $479 million worth of net positive inflows — the second consecutive day above the $400 million mark — Farside Investors data shows.
<figure>
 <img alt="Bitcoin’s path to $80K fueled by bullish derivatives trends" src="https://s3.cointelegraph.com/uploads/2024-10/0192d77c-b016-7c8f-a60e-8e94c1936c41" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF Flow (USD, million). Source: Farside Investors
 </figcaption>
</figure>
Bitcoin ETF inflows have been robust over the past 12 trading days, surpassing a cumulative $4 billion, according to Nate Geraci, the president of ETF Store, who <a data-ct-non-breakable="null" href="https://x.com/NateGeraci/status/1851083458841387063" rel="null" target="null" text="null" title="null">wrote</a> in an Oct. 29 X post:
<blockquote>
 “Over the past 12 trading days, spot BTC ETFs have taken in nearly $4 billion. For context, less than 10% of the 3,800+ ETFs in existence even have $4 billion in total assets.”
</blockquote>
<figure>
 <img alt="Bitcoin’s path to $80K fueled by bullish derivatives trends" src="https://s3.cointelegraph.com/uploads/2024-10/0192d77d-5528-71c7-9534-4fd87ac589e9" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF issuers by holdings. Source: Dune
 </figcaption>
</figure>
Geraci added that BlackRock’s IBIT ETF had accounted for more than $2.6 billion of these inflows during the past two weeks.
A victory by former President Donald Trump in the Nov. 5 US presidential election is widely seen as a bullish development for risk assets like Bitcoin, which has correlated with <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-s-odds-near-67-as-polymarket-whale-bets-another-2-m" rel="null" target="null" text="null" title="null">Trump’s rising election odds</a>, Bitfinex analysts added.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-2-5-month-high-schiff-trump-pump" rel="null" target="null" text="null" title="null">Trump pump? Bitcoin climbs to 2.5-month high as Trump widens lead</a>
<h2 id="nearly-98-of-bitcoin-holders-are-in-profit">Nearly 98% of Bitcoin holders are in profit</h2>
Fueling more optimism among crypto investors, nearly 99% of all Bitcoin holders are currently in profit as Bitcoin traded above $71,000.
Over 97.6% of all Bitcoin holders were profitable on their investment as of Oct. 29, <a data-ct-non-breakable="null" href="https://cryptoquant.com/asset/btc/chart/network-indicator/supply-in-profit-percent?window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" rel="nofollow noopener" target="_blank" text="null" title="https://cryptoquant.com/asset/btc/chart/network-indicator/supply-in-profit-percent?window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line">according</a> to CryptoQuant data.
<figure>
 <img alt="Bitcoin’s path to $80K fueled by bullish derivatives trends" src="https://s3.cointelegraph.com/uploads/2024-10/0192d77e-19e3-74d9-b191-4af4077efe11" title="">
 <figcaption style="text-align: center;">
 Bitcoin supply in profit, percentage. Source: CryptoQuant
 </figcaption>
</figure>
Still, the last time over 97% of the Bitcoin supply was in the green was on June 5, before the price fell from above $71,100 to below $56,000 within a month.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/microsoft-bitcoin-vote-peter-todd-satoshi-bitfinex-wallet-hack-hodlers-digest/" rel="null" target="null" text="null" title="null">Microsoft set to vote on Bitcoin, Peter Todd hiding, and more: Hodler’s Digest, Oct. 20 – 26</a>

Bitcoin’s path to $80K fueled by bullish derivatives trends

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Cointelegraph

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