bullish

Bitcoin

James

<p class="is-style-lead">As Bitcoin edges toward $100,000, is this just the start of a larger bull run, or will market volatility derail the momentum for both Bitcoin and altcoins?</p> 
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 <p>Table of Contents</p>
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  <ul>
   <li><a href="#btc-shatters-records-again">BTC shatters records again</a></li>
   <li><a href="#how-bitcoin-options-are-supercharging-its-surge">How Bitcoin options are supercharging its surge</a></li>
   <li><a href="#100-k-btc-are-we-there-yet">$100K BTC: Are we there yet?</a></li>
   <li><a href="#will-altcoins-steal-the-spotlight">Will altcoins steal the spotlight?</a></li>
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<h2 class="wp-block-heading" id="btc-shatters-records-again">BTC shatters records again</h2> 
<p>Bitcoin (<a rel="" href="https://crypto.news/price/bitcoin/">BTC</a>) has been on a tear lately, smashing past milestones like they were minor speed bumps. As of Nov. 21, it’s trading at an eye-watering $97,000 level after hitting an all-time high of $98,350, marking a 3% jump in just 24 hours.</p> 
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  BTC 6-month price chart | Source: <a rel="" href="https://crypto.news/price/bitcoin/">crypto.news</a>
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<p>This year has been a dream run for Bitcoin traders, with BTC more than doubling in value and climbing a jaw-dropping 40% in the last two weeks alone, pushing its market cap to an enormous $1.93 trillion.</p> 
<p>A big part of this surge can be traced back to Donald Trump’s recent election victory. Investors seem optimistic about the future, as Trump has <a rel="" href="https://crypto.news/trumps-team-vets-for-first-white-house-crypto-role/">vowed</a> to make the U.S. a “crypto capital of the planet.”</p> 
<p>In response, Bitcoin-focused <a rel="" href="https://crypto.news/live/bitcoin-etf-news/">spot ETFs</a> in the U.S. have seen an influx of institutional money, with more than $4 billion pouring into these funds since the election.</p> 
<p>On Nov. 20, U.S. Bitcoin ETFs <a rel="" href="https://crypto.news/spot-bitcoin-etfs-inflows-surge-220-amid-options-launch/">logged</a> their third straight day of inflows, pulling in $773.47 million. Over the past three trading days, the total inflows into these ETFs exceeded $1.8 billion, according to CoinGlass <a href="https://www.coinglass.com/bitcoin-etf" target="_blank" rel="nofollow">data</a>.</p> 
<p>This level of activity reflects a growing institutional appetite for Bitcoin, fueled by hopes of regulatory clarity and increasing accessibility to crypto-focused financial products.</p> 
<p>So, where does this leave Bitcoin? Crossing the $100,000 mark seems more like a “when” rather than an “if,” as institutional interest, ETF inflows, and market enthusiasm continue to build momentum. But as Bitcoin races ahead — what about altcoins?</p> 
<h2 class="wp-block-heading" id="how-bitcoin-options-are-supercharging-its-surge">How Bitcoin options are supercharging its surge</h2> 
<p>While spot Bitcoin ETFs have played a massive role in its recent surge, <a rel="" href="https://crypto.news/spot-bitcoin-etf-options-are-live/">options</a> trading on these funds has introduced a new layer of excitement and influence on the market.</p> 
<p>A standout example is BlackRock’s iShares Bitcoin Trust ETF (IBIT), which debuted its options contracts on Nov. 19. The results were nothing short of spectacular.</p> 
<p>By the end of its first trading day, IBIT options had amassed nearly $1.9 billion in notional exposure through 354,000 contracts — 289,000 call options and 65,000 put options — as reported by Bloomberg ETF analyst James Seyffart.</p> 
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   <p lang="en" dir="ltr">UPDATE: Final tally of <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$IBIT</a>'s 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls &amp; 65k were Puts. That's a ratio of 4.4:1. These options were almost certainly part of the move to the new <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> all time highs today <a rel="nofollow" href="https://t.co/IN3s9hajJ2" target="_blank">pic.twitter.com/IN3s9hajJ2</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1858991206476509659?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 19, 2024</a>
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<p>The overwhelming interest in call options — nearly 80% of IBIT’s options activity on the first day — indicates strong bullish sentiment among market players.</p> 
<p>To put this in perspective, this activity level dwarfs the $363 million achieved on the first day of trading for the ProShares Bitcoin Strategy ETF (BITO), the first Bitcoin futures-based ETF in the U.S.</p> 
<p>Another Bloomberg analyst, Eric Balchunas, highlighted the unprecedented scale of IBIT’s launch, calling the $1.9 billion exposure “unheard of” for day one.</p> 
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   <p lang="en" dir="ltr">$1.9b is unheard of for Day One. For context, <a href="https://twitter.com/search?q=%24BITO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$BITO</a> did $363m and that's been around for four years. And also this is with 25,000 contract position limits. That said, $1.9b isn't quite big dog level yet tho, eg <a href="https://twitter.com/search?q=%24GLD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$GLD</a> did $5b today, but give it a few more days/weeks. <a rel="nofollow" href="https://t.co/nAr2rracjb" target="_blank">https://t.co/nAr2rracjb</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1858994117617086840?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 19, 2024</a>
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<p>Moreover, BlackRock’s IBIT continued to dominate, generating another $1.9 billion in notional exposure on Nov. 20. Bloomberg ETF analyst James Seyffart noted in a tweet that IBIT accounted for an overwhelming 97% of the total options volume across all Bitcoin spot ETFs that day.</p> 
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   <p lang="en" dir="ltr">The spot <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#bitcoin</a> ETF options volume breakdown yesterday was HEAVILY tilted towards <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$IBIT</a>. Ironically IBIT traded almost the same as its first day right around $1.9 billion in notional exposure but it took 97% of the volume. Hopefully this evens out a bit with arbs/quants etc <a rel="nofollow" href="https://t.co/OtNSGLVbRn" target="_blank">pic.twitter.com/OtNSGLVbRn</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1859597534869500092?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 21, 2024</a>
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<p>To make things even more intense, Grayscale has also <a rel="" href="https://crypto.news/grayscale-bitwise-will-begin-trading-bitcoin-etf-options-today/">stepped</a> into the options arena, announcing that its Bitcoin spot ETF products ($GBTC and $BTC) will be available for options trading starting today, i.e., Nov. 21.</p> 
<p>Bitwise’s Bitcoin ETF is also following suit, offering similar options and products designed to help investors hedge their positions and execute advanced strategies.</p> 
<h2 class="wp-block-heading" id="100-k-btc-are-we-there-yet">$100K BTC: Are we there yet?</h2> 
<p>Bitcoin is sitting on the brink of an unprecedented milestone: $100,000. With its current price hovering around $96-$97k, it feels like the crypto giant is merely inches away from crossing into six-figure territory.</p> 
<p>A Shanghai court recently <a href="https://www.scmp.com/tech/blockchain/article/3287415/shanghai-court-says-crypto-ownership-legal-under-china-law-amid-bitcoin-price-surge" target="_blank" rel="nofollow">clarified</a> that it’s not illegal for individuals to own crypto, even though businesses are restricted from engaging in crypto-related activities.</p> 
<p>Judge Sun Jie from the Shanghai Songjiang People’s Court shared this perspective via an article on the Shanghai High People’s Court’s official WeChat account.</p> 
<p>China has historically been a wildcard in crypto markets. Whenever there’s news of acceptance or clarity from such a massive market, global confidence in Bitcoin spikes.</p> 
<p>The timing couldn’t be better, as this announcement coincides with Bitcoin’s record price surge, sending a strong signal that crypto adoption is inching forward even in restrictive environments.</p> 
<p>Meanwhile, in the U.S., Bitcoin ETFs have shattered expectations.</p> 
<p>Bloomberg’s Eric Balchunas highlighted that the total assets under management for Bitcoin ETFs have reached a staggering $104 billion, boosted by year-to-date inflows of $30 billion — double initial projections.</p> 
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   <p lang="en" dir="ltr">Speaking of "100" milestones, the US bitcoin ETFs hit $100b in assets (altho more like $104b given the price surge overnight) w/ YTD flows flirting with $30b (double our estimate). They're now 97% of way to passing Satoshi as biggest holder and 82% of way to passing gold ETFs. <a rel="nofollow" href="https://t.co/Y3070yW7Jx" target="_blank">pic.twitter.com/Y3070yW7Jx</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1859573968430059944?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 21, 2024</a>
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<p>To put this into perspective, these ETFs are now 97% of the way to surpassing Satoshi Nakamoto as the largest Bitcoin holder and 82% of the way to overtaking gold ETFs.</p> 
<p>Adding to the bullish sentiment, U.S. Senator Cynthia Lummis has been advocating for Bitcoin on a national level. Lummis proposed creating a strategic Bitcoin reserve earlier this year and has since linked Bitcoin to strengthening the U.S. dollar and addressing national debt.</p> 
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   <p lang="en" dir="ltr">If only there was a way to dig our nation out of debt while ensuring the strength of the U.S. dollar. Oh wait. <a href="https://twitter.com/hashtag/BITCOINAct?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#BITCOINAct</a></p>— Senator Cynthia Lummis (@SenLummis) <a href="https://twitter.com/SenLummis/status/1859012529093001292?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 19, 2024</a>
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<p>Her latest tweet hinted at Bitcoin as a potential solution to the national debt crisis, wrapped in the tagline “#BITCOINAct.”</p> 
<p>However, Miles Deutscher pointed out an intriguing trend — whales, the large Bitcoin holders, are aggressively selling while retail investors, buoyed by ETF flows, are snapping up BTC.</p> 
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   <p lang="en" dir="ltr">Very interesting <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$BTC</a> data.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> whales are aggressively selling, whilst retail (spot ETFs) are aggressively buying.<br><br>ETF flows must remain strong or else long-term holder sell pressure may catch up to the market. <a rel="nofollow" href="https://t.co/oZSkCQT5mv" target="_blank">pic.twitter.com/oZSkCQT5mv</a></p>— Miles Deutscher (@milesdeutscher) <a href="https://twitter.com/milesdeutscher/status/1859537496977310080?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 21, 2024</a>
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<p>This tug-of-war between whales and retail traders introduces some uncertainty. For Bitcoin to maintain its momentum and break $100,000, ETF inflows need to keep pace. If long-term holders continue to sell and ETF buying slows, the market could face turbulence.</p> 
<p>Still, the bullish momentum is undeniable, and BTC could break past $100,000 at any time. However, nothing in the crypto market comes with a guarantee, so brace yourselves for sudden changes.</p> 
<h2 class="wp-block-heading" id="will-altcoins-steal-the-spotlight">Will altcoins steal the spotlight?</h2> 
<p>As Bitcoin marches toward the $100,000 milestone, the big question is: what happens next?</p> 
<p>Crypto markets are known for their cycles, where Bitcoin often takes the lead before passing the baton to altcoins.</p> 
<p>A tweet from prominent crypto analyst Michaël van de Poppe outlines what could unfold in the coming days — a dramatic price shakeout in Bitcoin, a significant drop in altcoins, and then the start of an explosive altseason.</p> 
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   <p lang="en" dir="ltr">The theory still stands on <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$BTC</a>.<br><br>We'll have a massive sweep/flash crash downwards causing <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Altcoins</a> to drop massively.<br><br>From that point –&gt; rotation game happens and we're having a multi-month altseason.<br><br>Before that happens, $100K per one Bitcoin is around the corner. <a rel="nofollow" href="https://t.co/LxRzxwMPaB" target="_blank">pic.twitter.com/LxRzxwMPaB</a></p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1859514590146723906?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 21, 2024</a>
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<p>The theory suggests Bitcoin could experience a sharp pullback—a sudden drop in price—after crossing the $100K threshold. This isn’t as far-fetched as it might sound.</p> 
<p>Historically, Bitcoin has seen similar corrections during periods of rapid growth. For instance, in the 2021 bull run, Bitcoin faced multiple pullbacks of 20–30% before continuing its upward trajectory.</p> 
<p>Such corrections often shake out short-term traders while providing entry points for new investors, fueling the next leg of the rally.</p> 
<p>Given the current bullish momentum, a pullback may serve as a pressure release for the market. However, with strong institutional inflows through ETFs and retail demand holding firm, any potential drop is likely to be temporary.</p> 
<p>The larger narrative—the growing adoption of Bitcoin as a mainstream asset—remains intact.</p> 
<p>Altcoins often follow Bitcoin’s lead, but they also have their own dynamics. If Bitcoin undergoes a flash crash, altcoins could experience an even sharper decline.</p> 
<p>This happens because altcoins typically have lower liquidity and higher volatility compared to Bitcoin. However, such drops are often the precursor to an altseason — a period when altcoins outperform Bitcoin in terms of percentage gains.</p> 
<p>The idea of a multi-month altseason isn’t new. Past market cycles show that altcoins tend to rally after Bitcoin’s dominance stabilizes or declines.</p> 
<p>For example, in early 2021, Bitcoin reached its then-all-time high of $64,000 in April, after which its dominance dropped from over 60% to below 50%.</p> 
<p>This shift marked the beginning of a massive altcoin rally, with Ethereum (<a rel="" href="https://crypto.news/price/ethereum/">ETH</a>), Binance Coin (<a rel="" href="https://crypto.news/price/bnb/">BNB</a>), and smaller altcoins hitting record highs in the months that followed.</p> 
<p>The same pattern could emerge again. Bitcoin’s dominance is currently high, buoyed by institutional demand and the spotlight on ETFs.</p> 
<p>Once Bitcoin crosses $100,000 and its price stabilizes, investors may start rotating their gains into altcoins, sparking a new wave of growth in the broader crypto market.</p> 
<p>While optimism is high, the risks are just as real. The crypto market’s volatility can lead to dramatic swings, making a balanced and well-researched approach essential.</p> 
<p>Whether you’re eyeing Bitcoin or planning to dive into altcoins, the coming days could offer opportunities—but trade wisely and never invest more than you can afford to lose.</p> 
<p> Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. </p>

Bitcoin’s $100,000 dream: How close are we to crypto’s biggest milestone?

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