Author: BitpushNews
Bitpush data shows that Bitcoin reached a new all-time high of $107,822 around 1:30 pm Eastern Time on Monday, up about 5.5% from last Friday's close. At the same time, Ethereum briefly rose to $4,081, the highest level since December 2021, slightly higher than the peaks in March and early December this year.
As of the time of writing, Bitcoin's upward momentum has eased slightly, with the current price at $105,815, up nearly 3% for the day and 9% for the week. ETH is at $4,029, up more than 3% for the day, but still 16% below the all-time high of $4,878 set in November 2021. The total cryptocurrency market capitalization is $3.7 trillion, up 2.97% in the past 24 hours.
According to CoinGlass data, the total liquidation in the crypto market over the past 24 hours was $489 million, of which $177 million was from Bitcoin and $97 million was from Ethereum (including long positions).
Crypto fund inflows hit record highs
Global cryptocurrency funds continue to attract strong interest from institutional investors, with inflows reaching record highs. According to data from CoinShares, global cryptocurrency funds have recorded net inflows for the past four weeks, totaling $3.2 billion. This positive trend has brought the total inflows so far this year to $44.5 billion, more than four times the previous annual high.
In particular, Bitcoin ETFs listed in the US have performed exceptionally well. Over the past week, these ETFs attracted $2.17 billion in net inflows, bringing the total inflows since their launch in January this year to over $5.3 billion.
In addition to Bitcoin, Ethereum funds have also recorded seven consecutive weeks of net inflows, totaling $1 billion, as market sentiment towards Ethereum continues to improve, driving persistent inflows. Bernstein analyst Gautam Chhugani said: "Ethereum ETF inflows have exceeded $800 million per week over the past two weeks, reflecting an accelerating trend."
Additionally, other Altcoin funds have also recorded varying degrees of net inflows. XRP investment products saw net inflows of $145 million last week, while funds based on Polkadot and Litecoin saw inflows of $37 million and $22 million, respectively.
"Christmas Rally"
Investor sentiment has been buoyed by MicroStrategy (MSTR.O) being included in the tech-heavy Nasdaq 100 index, with MicroStrategy's stock price soaring more than sixfold so far this year, reaching a market capitalization of nearly $94 billion.
Matthew Dibb, Chief Investment Officer of crypto asset management firm Astronaut Capital, believes that inclusion in the Nasdaq 100 will create a virtuous cycle: passive funds tracking the index will buy MicroStrategy shares, pushing up the stock price; MicroStrategy can then continue to increase its BTC holdings through issuing bonds or shares, further consolidating its position and attracting more investor attention, driving the stock price even higher.
He said: "The inclusion seems a bit surprising, but it hasn't stopped the excitement, with many seeing it as the start of a capital cycle that could push the spot BTC price higher."
Data over the past eight years shows that since 2015, Bitcoin has closed higher in December in six out of those years, with gains of at least 8% and as high as 46% (except for 2020).
This year's "Christmas rally" seems to have already started, referring to the phenomenon of US stocks often rising in the last week of December and the first few days of January. This upward trend is often influenced by holiday optimism, increased holiday spending, and investors' year-end trading activities.
IG analyst Tony Sycamore told CNBC: "We're now in a range-bound environment. The next number the market is looking for is $110,000. A lot of people were expecting a pullback, and that hasn't happened."
Mena Theodorou, co-founder of Coinstash, believes: "With BTC solidly above $100,000, the momentum in ETH and the huge ETF inflows could signal the start of a broader Altcoin Christmas rally. Add in pro-crypto moves from the Trump administration, easing inflation, and the potential for Fed rate cuts, and the conditions supporting potential crypto market growth are very strong."
Meanwhile, some traders are targeting BTC reaching $120,000 or more over the next year.
Jeff Mei, Chief Operating Officer of cryptocurrency exchange BTSE, said in a Telegram post: "We believe Bitcoin still has tremendous upside potential and could easily reach $125,000 by the end of 2025. While some have suggested the upside potential has been priced in over the past month or so, we believe the rally is just getting started. This is because it takes time for institutions, family offices, and high-net-worth individuals to get comfortable with the idea of allocating 1%-3% of their portfolios to Bitcoin and cryptocurrencies. Once that happens, the crypto inflows could skyrocket. With pro-crypto appointments by Trump, ongoing rate cuts, and stimulus from China, there are many bullish reasons."
