According to Bitpush data, Bitcoin reached an all-time high of $107,822 around 13:30 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 above the peaks seen in March and early December of this year.
As of the time of writing, Bitcoin's rally has slightly retreated, currently priced at $105,815, up nearly 3% on the day, with a weekly increase of 9%.
ETH is at $4,029, having risen more than 3% on the day, but still 16% lower than the all-time high of $4,878 set in November 2021. The total market capitalization of cryptocurrencies is $3.7 trillion, having increased by 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, with Bitcoin liquidations amounting to $177 million, while Ethereum (including long positions) accounted for $97 million.
Cryptocurrency fund inflows hit a historic high
Global cryptocurrency funds continue to be favored by institutional investors, with inflow volumes reaching a historic high. According to CoinShares, over the past four weeks, global cryptocurrency funds have consistently recorded net inflows totaling $3.2 billion. This positive trend brings the total inflow for the year to date to $44.5 billion, more than four times that of any prior year.
Among them, Bitcoin exchange-traded funds (ETFs) listed in the United States performed particularly well. Over the past week, these ETFs attracted a net inflow of $2.17 billion, and since their launch in January this year, total inflows have exceeded $5.3 billion.
In addition to Bitcoin, Ethereum funds have also recorded net inflows for seven consecutive weeks, totaling $1 billion, as market optimism for Ethereum continues to grow, driving ongoing inflows. Bernstein analyst Gautam Chhugani stated, "In the past two weeks, inflows into Ethereum ETFs have surpassed $800 million per week, reflecting an accelerating trend."
Outside, other altcoin funds also recorded varying degrees of net inflow. XRP investment products saw a net inflow of $145 million last week, with funds based on Polkadot and Litecoin attracting $3.7 million and $2.2 million, respectively.
"Christmas Rally" Begins
Investor sentiment has been boosted by MicroStrategy (MSTR.O) being included in the tech-heavy Nasdaq 100 index; MicroStrategy's stock price has soared more than six times this year, reaching a market capitalization of nearly $94 billion.
Matthew Dibb, Chief Investment Officer of cryptocurrency 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 shares, pushing up the stock price; MicroStrategy can continue to increase its BTC holdings through issuing bonds or stocks, thereby further solidifying its position and attracting more investor attention, driving the stock price up even more.
He stated, "The inclusion seems a bit unexpected, but it hasn't dampened people's excitement; many believe this is the beginning of a capital cycle that could push Bitcoin's spot price higher."
Data from the past eight years shows that since 2015, Bitcoin has risen six times in December, with an increase 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 in the last week of December and the first few days of January. This rise is often influenced by holiday optimism, increased holiday spending, and investors conducting year-end trading.
IG analyst Tony Sycamore told CNBC, "We are currently in an uncertain range. The next number the market is looking forward to is $110,000. Many anticipated corrections have not occurred."
Mena Theodorou, co-founder of Coinstash, believes that "as BTC solidifies above $100,000, the growth momentum of ETH and substantial ETF inflows may signal a broader altcoin Christmas rebound is about to begin. Coupled with the Trump administration's support for cryptocurrencies, easing inflation, and the possibility of the Federal Reserve lowering interest rates, the conditions supporting potential growth in the cryptocurrency market are already very sufficient."
Meanwhile, some traders are targeting BTC to reach $120,000 and above in the coming year.
Jeff Mei, Chief Operating Officer of cryptocurrency exchange BTSE, stated on Telegram, "We believe Bitcoin still has significant upside potential, easily reaching $125,000 by the end of 2025. Although some say that Bitcoin's upside potential has been digested over the past month or so, we believe 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 this happens, inflows into cryptocurrencies could soar. Considering Trump's pro-crypto appointments, ongoing interest rate cuts, and other positive factors, there are many bullish reasons."
