On the morning of December 17, BTC continued its upward momentum, reaching a new all-time high of $107,793 before retreating to $106,000 at the time of writing. The 24-hour trading volume also hit a record high of over $88 billion.
BTC 4H chart on Binance. Source: TradingView
Not only BTC, but ETH also experienced a slight increase from $3,900 to $4,100 before retreating to $3,955 under selling pressure from investors.
ETH 4H chart on Binance. Source: TradingView
Bitcoin (BTC) has witnessed strong growth amid a continuous increase in spot trading volume. A notable highlight is the "Coinbase Premium" index turning positive, indicating that BTC prices on the U.S.-based Coinbase exchange are higher than those on Binance. This reflects significant buying pressure from U.S. investors, a critical factor boosting market sentiment.
On December 15, the market also saw heightened activity in perpetual futures trading volume on KuCoin. Fueled by large inflows from traders, BTC broke through the key resistance zone of $103,000–$104,000, a level that previously saw heavy selling pressure. This development underscores the strength of the bullish trend, setting the stage for higher price levels in the future.
BTC price chart on the 4H timeframe across all major CEXs. Source: TLDR.io
In addition to steady spot buying volume, positive news emerged about Bitcoin acquisitions by MicroStrategy and Semler Scientific. Specifically, Semler Scientific purchased 211 BTC for $21.5 million, equivalent to $101,890 per BTC. Meanwhile, MicroStrategy acquired 15,350 BTC for $1.5 billion, averaging $100,386 per BTC.
Michael Saylor announced that the company now holds 439,000 BTC, with a total cost of $27.1 billion, averaging $61,725 per BTC. Additionally, MicroStrategy's BTC yield in Q4 2024 reached 46.4%, with a year-to-date yield of 72.4%, highlighting the positive impact of the company's Bitcoin acquisition strategy.
In addition to significant purchases by MicroStrategy and Semler Scientific, massive capital inflows have consistently poured into the Bitcoin market. According to independent market analyst Willy Woo, over $3 billion per day has flowed into the Bitcoin network over the past 30 days. This figure reflects investors' FOMO sentiment toward BTC in the current phase.
This growth has been further fueled by capital inflows into spot Bitcoin ETFs. Data from SoSoValue reveals that on December 12, inflows into these ETFs reached $2.17 billion, bringing the total net asset value of spot Bitcoin ETFs to $114.97 billion.
Bitcoin researcher and investor Timothy Peterson has predicted that, based on inflows into ETFs, BTC prices could potentially rise to $115,000.
This argument stems from the fact that strong inflows into ETFs typically lead to increased demand for spot BTC, driving prices higher. With positive factors such as robust buying volume, significant institutional capital inflows, and the growth of Bitcoin ETFs, BTC is demonstrating the potential for continued upward momentum in the near future.
BTC performance compared to traditional assets. Source: Coingecko
Analysis shows that BTC has outperformed traditional assets such as gold, S&P 500, oil, and Treasury bonds over 1-year, 3-year, 5-year, and 10-year periods.
Experts also suggest that if the U.S. were to purchase 1 million BTC within the next 5 years, it could cover 44% of the national debt by 2050. Meanwhile, a German lawmaker believes that the establishment of a U.S.-based Bitcoin reserve fund could accelerate Europe's adoption of cryptocurrencies to maintain competitiveness.