Article reprinted from: BitPush
BitPush data shows that Bitcoin set 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. Meanwhile, Ethereum briefly rose to $4,081, the highest price recorded since December 2021, slightly exceeding the peaks seen in March and early December of this year.
As of the time of writing, Bitcoin's upward momentum has slightly receded, with the current price at $105,815, up nearly 3% on the day, and a weekly increase of 9%.
ETH is at $4,029, rising over 3% on the day, but still 16% lower than its all-time high of $4,878 set in November 2021. The total cryptocurrency market capitalization is $3.7 trillion, up 2.97% over the past 24 hours.
According to CoinGlass data, the total amount of liquidations in the crypto market over the past 24 hours was $489 million, of which Bitcoin liquidations amounted to $177 million, while Ethereum (including long positions) accounted for $97 million.
Crypto fund inflows hit a record high.
Global cryptocurrency funds continue to be favored by institutional investors, with inflows hitting a record high. According to CoinShares, over the past four weeks, global cryptocurrency funds have consistently recorded net inflows totaling $3.2 billion. This positive trend has brought the total inflows this year to $44.5 billion, more than four times that of any previous year.
Among them, Bitcoin exchange-traded funds (ETFs) listed in the U.S. have performed particularly 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 also recorded a net inflow for seven consecutive weeks, totaling $1 billion. The market's optimism towards Ethereum is continuously increasing, driving sustained inflows. Bernstein analyst Gautam Chhugani stated: "In the past two weeks, inflows into Ethereum ETFs have exceeded $800 million per week, reflecting an accelerating trend."
In addition, other altcoin funds also recorded varying degrees of net inflows. XRP investment products saw a net inflow of $145 million last week, while funds based on Polkadot and Litecoin saw inflows of $3.7 million and $2.2 million, respectively.
"Christmas rally" begins.
Investor sentiment has been boosted by MicroStrategy's (MSTR.O) inclusion in the Nasdaq 100 index, which has a high proportion of tech stocks. MicroStrategy's stock price has skyrocketed more than sixfold this year, reaching nearly $94 billion in market capitalization.
Matthew Dibb, Chief Investment Officer of crypto asset management firm Astronaut Capital, believes that inclusion in the Nasdaq 100 will create a virtuous cycle: funds tracking the index will passively buy MicroStrategy stock, driving up its price; MicroStrategy can continually increase its BTC holdings through issuing bonds or stocks, further solidifying its position advantage and attracting more investor attention, which will drive its stock price further up.
He said: "The inclusion seems a bit unexpected, but it hasn't dampened people's excitement. Many believe this marks the beginning of a capital cycle that could drive up Bitcoin spot prices."
Data from the past eight years shows that since 2015, Bitcoin has closed higher in December six times, with increases of at least 8%, peaking at 46% (excluding 2020).
This year's Christmas rally seems to have started early. The Christmas rally refers to the phenomenon where U.S. stocks often rise during the last week of December and the first few days of January. This increase is often influenced by holiday optimism, increased holiday spending, and investors engaging in year-end trading.
IG analyst Tony Sycamore told CNBC: "We are now in an uncertain range. The next number the market is looking forward to is $110,000. The corrections that many people speculated did not occur."
Mena Theodorou, co-founder of Coinstash, believes: "As BTC solidifies above $100,000, the momentum and large ETF inflows for ETH may signal that a broader altcoin Christmas rebound is about to begin. Coupled with the Trump administration's support for cryptocurrencies, easing inflation, and the Fed potentially cutting rates, the conditions supporting potential crypto market growth are very favorable."
Meanwhile, some traders have a target for BTC to reach $120,000 and above within the next year.
Jeff Mei, COO of cryptocurrency exchange BTSE, stated on Telegram: "We believe Bitcoin still has significant upside potential, easily reaching $125,000 by the end of 2025. While some say that Bitcoin's upside potential has already been digested over the past month, we think the rally has just begun. This is because institutions, family offices, and high-net-worth individuals need time to accept the idea of allocating 1%-3% of their portfolios to Bitcoin and cryptocurrencies. Once that happens, crypto inflows could surge. Given Trump's pro-crypto appointments and ongoing rate cuts, there are many bullish reasons."
