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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
11/12/2024

Institutions' "Singles' Day" Bitcoin Buying Frenzy: Is $100,000 Right Around the Corner?

The powerful market surge has finally rewarded long-suffering investors. Since the U.S. presidential election concluded, FOMO (Fear of Missing Out) has intensified sharply, driving Bitcoin to record 7 consecutive green days on the daily chart — a rare feat. From a low of around $67,000, BTC broke through $70,000, and on November 10 it shattered the $80,000 level. After each major psychological barrier fell, Bitcoin kept charging higher, hitting an intraday high of

Institutions' "Singles' Day" Bitcoin Buying Frenzy: Is $100,000 Right Around the Corner?

The powerful market surge has finally rewarded long-suffering investors. Since the U.S. presidential election concluded, FOMO (Fear of Missing Out) has intensified sharply, driving Bitcoin to record 7 consecutive green days on the daily chart — a rare feat. From a low of around $67,000, BTC broke through $70,000, and on November 10 it shattered the $80,000 level. After each major psychological barrier fell, Bitcoin kept charging higher, hitting an intraday high of $89,530.

Ethereum, which had been overshadowed by Bitcoin and persistently weighed down by FUD (Fear, Uncertainty, and Doubt), also followed suit with 7 consecutive green days. From a low of $2,400, Ethereum climbed to nearly $3,400, peaking at $3,387. Data from 8marketcap shows Ethereum's market cap reached approximately $400.07 billion, surpassing Procter & Gamble and rising to 32nd place in the global asset rankings. Solana (SOL) also posted impressive gains, breaking above $212 and briefly crossing the $100 billion market cap threshold.

Across the altcoin space, a broad range of tokens saw explosive moves, including meme coins, AI projects, public chains, and ecosystem tokens. Data from Coinglass showed $651 million in total liquidations across the market within 24 hours, with $278 million in long liquidations and $371 million in short liquidations.

What's Driving This Powerful Rally?

Institutions Are Still Buying

On the night of November 10, MicroStrategy's Michael Saylor revealed that the company had purchased 27,200 BTC for approximately $2.03 billion, at an average price of $74,463 per BTC. This brought MicroStrategy's total holdings to 279,420 BTC, valued at roughly $11.9 billion, with an average cost basis of $42,692 per coin.

The market now widely believes a new bull cycle has begun, and with influential figures like Saylor going all-in on Bitcoin, the move sent a clear bullish signal. To date, MicroStrategy's Bitcoin position has generated unrealized gains of approximately $13 billion.

dForce founder Yang Mindao commented: "Over the past 6 months, MicroStrategy has made more profit than all crypto venture funds combined over the last 5 years — and this is just one person."

Institutional support for Bitcoin ETFs is also surging. Data from Trader T shows global Bitcoin ETF holdings have surpassed 1.2 million BTC, representing 5.7% of total supply. Major funds include BlackRock's iBIT, Grayscale Bitcoin Trust, Fidelity, CoinShares, ARK 21Shares, Bitwise, Grayscale Bitcoin Mini Trust, Purpose Bitcoin ETF, 3iQ CoinShares, and ETC Group Bitcoin ETP.

In terms of actual capital flows, Bitcoin ETFs have seen massive inflows in recent weeks. In the first week of November, net inflows totaled $2.22 billion, while the second week brought in $1.63 billion.

Trump's Strategy and Optimism Over Looser Regulation

Recent data shows the U.S. government holds more than 200,000 BTC, and former President Donald Trump, in his speech at the Bitcoin conference on July 28, pledged to fire SEC Chair Gary Gensler if re-elected and to halt the sale of the government's Bitcoin holdings. Trump also proposed establishing a "strategic Bitcoin reserve."

The current SEC is widely seen as overly hostile toward the crypto industry, drawing sharp criticism from founders and investors alike. If Trump follows through on reforming the SEC and appointing crypto-friendly officials, it could be a major win for the sector.

Trump's inauguration is scheduled for January 20, 2025. Recent reports indicate that Trump's team is actively vetting candidates for key regulatory positions, including the SEC, with a focus on selecting individuals who are supportive of cryptocurrency.

Will Bitcoin Hit $100,000 by Year End?

On the prediction platform Polymarket, the probability of Bitcoin reaching $100,000 before year's end is climbing. The market currently puts the odds at 54%, a jump of 18 percentage points in a single day.

That said, these predictions are dynamic and can shift quickly with price action. In fact, when Bitcoin rallied in September and October, the odds of hitting $100,000 never exceeded 20%.

Matrixport, a leading crypto market analytics firm, also published a report arguing that given expectations of a policy shift under the Trump administration, the current rally looks unstoppable. With only a few weeks left before Trump's inauguration, the market has a unique window to carry this momentum into the new year.

In summary, the market is entering a new phase — defined by institutional conviction, the prospect of regulatory change, and the possibility of Bitcoin reaching new all-time highs. Time will tell whether $100,000 is truly within Bitcoin's reach by end of 2024, but given the current momentum, it is very much a realistic outcome.