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Breaking News: DOJ's Largest Bitcoin Seizure: $15 Billion In BTC Linked To Cambodian 'Pig Butchering' Scam
bitcoin

Bitcoin May Reach $100,000 By US Presidential Inauguration Day, Report Says

Ash Tiwari
by Ash Tiwari
11 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Although the Bitcoin (BTC) price made new all-time highs (ATH) today, there could be more gains for the cryptocurrency’s future price trajectory.

Bitcoin To Hit $100k By Inauguration Day?

Following the victory of the Republican presidential candidate Donald Trump, the leading digital asset witnessed a steep surge in price, breaking through its previous ATH of $73,737 posted earlier this year in March.

Related Reading: Crypto Comeback: Bitcoin ETFs Attract $556 Million In Fresh Inflows

A new report by cryptocurrency custodian Copper.co posits that BTC’s upward momentum may extend into 2025. Commenting, Fadi Aboualfa, Head of Research at Copper.co, stated:

We have back-tested the ETF accumulation trend against potential price ranges.A $100,000 Bitcoin is quite possible by the time the 47th US President heads to the Capitol for inauguration on January 20, with ETFs holding approximately 1.1 million Bitcoins.

The firm’s forecast considers the historical Bitcoin exchange-traded funds (ETF) accumulation trends and the recent uptick in spot ETF inflows. 

At the time of writing, the total value of net assets held in spot BTC ETFs stands at $69.28 billion, accounting for more than 5% of the asset’s total market cap. 

Notably, the research firm had predicted last month that Bitcoin ETFs could hold slightly under a million BTC by election day. These ETFs hold about 986,000 BTC, proving the firm’s assessment largely accurate.

The increasing popularity of Bitcoin ETFs shows the continually rising institutional interest in the digital asset. Recent reports show the demand for spot Bitcoin ETF is currently at a 6-month high.

Data from crypto ETF tracker SoSoValue shows that October 2024 was one of the most active months regarding BTC ETFs, as the financial products attracted roughly $3 billion in total net inflows.

Betting Markets Still Not Bullish On Ethereum

While the top cryptocurrency by reported market cap has already entered uncharted territory in terms of price, the second-largest digital asset, Ethereum (ETH), continues to underperform.

Related Reading: Why Are Spot Ethereum ETFs Underperforming? Bitwise CEO Reveals

Citing betting markets, the report by Copper.co says it foresees only about a 12% chance of ETH hitting a new ATH this year. The report reads in part:

The lukewarm appeal of ETFs has dampened traders’ mood, though investors seem largely unfazed. While Ethereum is now inflationary, its year-to-date supply growth was just 89k Ether, compared to the 5.7 million coins that have moved into staking.

That said, not all is gloomy for Ethereum ETFs. Recently the State of Michigan revealed that the Michigan Retirement System had invested close to $10 million in ETH ETFs, eclipsing its total investment in Bitcoin ETFs.

While the recent rise in crypto ETF product activities is encouraging, investors should exercise caution as the digital asset market is notorious for showing high volatility within a short period.

For instance, on November 4, spot BTC ETFs recorded $541 million in single-day net outflows, the second largest since January. BTC trades at $74,300 at press time, up 6.4% in the past 24 hours.

bitcoin
BTC trades at $74,300 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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