bullish

Bitcoin

Block

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin derivatives traders are bullish on Bitcoin’s price action, amidst new ATHs.</li> 
 <li>BTC could reach $100,000 and ETFs could hold 1.1 million BTC, by January 20, 2025</li> 
</ul> 
<p>The optimistic price predictions for Bitcoin keep pouring into the industry, as the coin reaches one ATH after another since the US election results.</p> 
<p>Now, new reports reveal that derivatives traders position the coin for further price gains, as new predictions suggest that BTC could reach $100,000 before Trump’s inauguration as the US President scheduled to take place on January 20, 2025.</p> 
<h2 id="open-interest-weighted-funding-rate-for-btc-hits-multi-month-top">Open Interest-Weighted Funding Rate for BTC Hits Multi-Month Top</h2> 
<p>Bitcoin derivatives traders are taking bullish positions regarding the future trajectory of the coin’s price. BTC’s open interest-weighted perpetual futures funding rate has reached a new high in the past few months, data from Coinglass shows.</p> 
<p>On November 10, the funding rate for BTC was over 43%, according to Coinglass’ <a href="https://www.coinglass.com/FundingRateHeatMap" rel="nofollow noopener" target="_blank">Funding Rate Heatmap</a>. This is the highest number since March 30, when the BTC funding rate was at 53%.</p> 
<p>Analysts are expecting that this positive funding trend will continue, fueled by Trump’s victory in the US elections.</p> 
<p>For instance, Deribit’s CEO, Luuk Strijers, recently said that the high positive funding rate is highlighting the bullish sentiment among investors who are eager to take on more leverage.</p> 
<p>He told The Block that perpetual futures are outpacing spot markets rapidly which reflects a surge in optimism in the industry post the US elections. He also said that these metrics signal both high enthusiasm and growing institutional participation in crypto markets.</p> 
<h2 id="highly-leveraged-positions-have-yet-to-unwind">Highly Leveraged Positions Have Yet to Unwind</h2> 
<p>The current funding rate exceeds 0.01% on Binance, 0.02% on dYdx, and 0.03% on Crypto.com, Coinglass data shows.</p> 
<p>This is an indicator that highly leveraged positions have yet to unwind, as highlighted by Outlier Ventures Research Lead Jasper DeMaere. He also told The Block that this is a generally bullish positioning, which is normal during expected bull runs.</p> 
<p>Also, The Block’s graph, shows that as of today, November 11, the total aggregated open interest of Bitcoin futures across exchanges reached a new ATH of over $37.3 billion.</p> 
<p>The graph uses data from 15 crypto exchanges, including Binance, OKX, Deribit, Huobi, Gate.io, Crypto.com, Bitget, and others.</p> 
<figure id="attachment_52969" aria-describedby="caption-attachment-52969" style="width: 100%" class="wp-caption alignnone">
 <a href="https://crypto.ro/en/wp-content/uploads/2024/11/11novtheblock.png"><img loading="lazy" decoding="async" class="wp-image-52969 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/11/11novtheblock.png" alt="The Block" width="1528" height="508" title="Bullish Metrics Suggest Bitcoin Hitting $100K and ETFs Holding 1.1M BTC by January 2025 24" srcset="https://crypto.ro/en/wp-content/uploads/2024/11/11novtheblock.png 1528w, https://crypto.ro/en/wp-content/uploads/2024/11/11novtheblock-300x100.png 300w, https://crypto.ro/en/wp-content/uploads/2024/11/11novtheblock-1024x340.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/11/11novtheblock-768x255.png 768w, https://crypto.ro/en/wp-content/uploads/2024/11/11novtheblock-750x249.png 750w, https://crypto.ro/en/wp-content/uploads/2024/11/11novtheblock-1140x379.png 1140w" sizes="(max-width: 1528px) 100vw, 1528px"></a>
 <figcaption id="caption-attachment-52969" class="wp-caption-text">
  The Block
 </figcaption>
</figure> 
<p>Bitcoin’s recent price rally wasn’t fueled only by the optimism stemming from the US election results but was also catalyzed by high flows in Bitcoin ETFs in the US.</p> 
<p>The increasing optimism in the crypto market positions BTC on the path to reaching $100,000 sooner than expected.</p> 
<h2 id="bitcoin-could-hit-100k-before-trump-s-2025-inauguration">Bitcoin Could Hit $100K Before Trump’s 2025 Inauguration</h2> 
<p>Copper Research, a crypto custody and trading solutions provider, <a href="https://copper.co/en/insights/research/opening-bell-issue-34" rel="nofollow noopener" target="_blank">suggested</a> that Bitcoin could reach $100,000 by the time of Trump’s Presidential Inauguration set to take place on January 20,&nbsp; 2025.</p> 
<p>Their prediction is based on the recent significant flows into the US BTC ETFs which they suggest may hold about 1.1 million BTC by the Inauguration day. At current prices, this would translate into over $90 billion.</p> 
<p>As of today, the cumulative flows in the crypto products are nearing $26 billion since their launch. The total net assets locked in the US BTC ETFs are almost $79 billion, according to<a href="https://sosovalue.com/assets/etf/us-btc-spot" rel="nofollow noopener" target="_blank"> SoSoValue</a> data.</p> 
<p>Copper.co Head of Research Fadi Aboualfa said that they have tested the ETF accumulation trend against potential price ranges, and the results suggest that $100,000 for BTC is a viable possibility for BTC’s price by the January 20 Presidential Inauguration in the US.</p> 
<p>At the moment of writing this article, BTC is trading above $82,000, after hitting earlier prices close to $82,500, one<a href="https://crypto.ro/en/news/bitcoin-price-just-broke-a-new-ath-above-82k/"> ATH</a> after another. The coin is up by almost 4% in the past 24 hours, and its market cap is over $1.63 trillion, getting close to silver.</p> 
<figure id="attachment_52971" aria-describedby="caption-attachment-52971" style="width: 100%" class="wp-caption alignnone">
 <a href="https://crypto.ro/en/wp-content/uploads/2024/11/BTC_1D_graph_coinmarketcap-2024-11-11T164836.991.jpeg"><img loading="lazy" decoding="async" class="wp-image-52971 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/11/BTC_1D_graph_coinmarketcap-2024-11-11T164836.991.jpeg" alt="BTC price in USD today" width="1200" height="800" title="Bullish Metrics Suggest Bitcoin Hitting $100K and ETFs Holding 1.1M BTC by January 2025 25" srcset="https://crypto.ro/en/wp-content/uploads/2024/11/BTC_1D_graph_coinmarketcap-2024-11-11T164836.991.jpeg 1200w, https://crypto.ro/en/wp-content/uploads/2024/11/BTC_1D_graph_coinmarketcap-2024-11-11T164836.991-300x200.jpeg 300w, https://crypto.ro/en/wp-content/uploads/2024/11/BTC_1D_graph_coinmarketcap-2024-11-11T164836.991-1024x683.jpeg 1024w, https://crypto.ro/en/wp-content/uploads/2024/11/BTC_1D_graph_coinmarketcap-2024-11-11T164836.991-768x512.jpeg 768w, https://crypto.ro/en/wp-content/uploads/2024/11/BTC_1D_graph_coinmarketcap-2024-11-11T164836.991-750x500.jpeg 750w, https://crypto.ro/en/wp-content/uploads/2024/11/BTC_1D_graph_coinmarketcap-2024-11-11T164836.991-1140x760.jpeg 1140w" sizes="(max-width: 1200px) 100vw, 1200px"></a>
 <figcaption id="caption-attachment-52971" class="wp-caption-text">
  BTC price in USD today
 </figcaption>
</figure> 
<p>Amidst the current bullish market, analysts suggest crypto investors<a href="https://crypto.ro/en/news/bitcoin-skyrockets-above-80000-after-trump-victory-analysts-say-buy-everything-now/"> buy everything</a> they can, with a long-term outlook for $200,000 for Bitcoin by the end of next year.</p>

Bullish Metrics Suggest Bitcoin Hitting $100K and ETFs Holding 1.1M BTC by January 2025

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