Bitcoin reached $102,540 at midnight on the 13th, but then experienced a relatively large correction, briefly dropping to $99,311. As of the time of writing, it is trying to regain the $100,000 level, currently trading at $99,672.
It's unclear whether Bitcoin is being shorted at the moment, but according to Ki Young Ju, the founder of crypto analytics firm CryptoQuant, the assets under management (AUM) of BlackRock's Bitcoin spot ETF has surpassed its gold ETF:
The AUM of BlackRock's Bitcoin spot ETF has surpassed its gold ETF, with tens of billions of dollars flowing into the Bitcoin market every week.
In a market full of dumb money, smart money already knows who the winner is. The market cap of gold is $17 trillion, while Bitcoin's is only $2 trillion.
Please stand on the right side of history.
This shows the huge demand for Bitcoin in the past year.
Sygnum Bank: Institutional Adoption to Accelerate in 2025
Additionally, in its recent report "Crypto Market Outlook", Sygnum Bank, the world's first digital asset bank, stated that institutional adoption of Bitcoin has had a multiplier effect on the BTC price, with every $1 billion of net inflows into spot ETFs driving a 3-6% increase in the Bitcoin price.
Sygnum Bank expects that next year, large institutional investors, including sovereign wealth funds and pension funds, will accelerate their Bitcoin purchases, potentially driving the price even higher:
With progress in US regulation and Bitcoin's perceived ability to serve as a central bank reserve asset, the pace of institutional Bitcoin adoption will continue to accelerate in 2025.
Further Reading: U.S. Bitcoin Spot ETF Holdings Surpass Satoshi Nakamoto! Bitwise: Altcoins Decouple from BTC, Ethereum Rebounds
Altcoin Prospects Remain Uncertain
However, Sygnum Bank added that for Altcoins, it may take longer to see if they will have better growth opportunities. They stated in the report:
Altcoins will only thrive if US lawmakers establish appropriate asset class rules that allow projects to transmit value to token holders without raising regulatory concerns.
The Financial Innovation and Technology Act (FIT21) and the Stablecoin Bill are crucial for cryptocurrencies.
