Ding Chen, CEO of CSOP Asset Management, one of Asia's leading asset management firms, believes that Bitcoin is poised to reach $100,000 in the near future. This prediction aligns with the views of traders who anticipate a significant Bitcoin price rally fueled by Donald Trump's pro-crypto stance. Trump is set to speak at the Bitcoin Conference this week, with speculation about a groundbreaking announcement, such as making Bitcoin a strategic reserve.
CSOP Predicts Bitcoin to $100K Under Donald Trump
In a recent episode of the Tiger Money podcast by Bloomberg Intelligence, Ding Chen discussed launching the Asia-Pacific region's first inverse crypto exchange-traded fund (ETF). She also covered the growing market for crypto ETFs, the Bitcoin and crypto market, and the exceptional returns seen in Asia.
CSOP Asset Management has introduced Asia's first inverse Bitcoin ETF in Hong Kong, enabling investors to profit from a decline in Bitcoin prices. Chen explained that the primary reason for launching the CSOP Bitcoin Future Daily (-1x) Inverse Product was the lack of options for clients to take negative positions or short Bitcoin.
She supports the traders' outlook that BTC could rally towards $100K, especially with Donald Trump's pro-crypto strategies. Trump is also scheduled to attend the Bitcoin 2024 Conference in Nashville, Tennessee, from July 25-27. The positive sentiment in the crypto market is further bolstered by Trump's choice of pro-Bitcoin JD Vance as vice president.
BTC Price Recovery Path to $100K
The recent launch of the spot Ethereum ETF did not significantly impact BTC prices or the broader crypto market. Bitcoin ETFs experienced their first outflow of $78 million after 12 consecutive inflows. However, BlackRock's $72 million inflow indicates sustained interest among institutional investors.
BlackRock's iShares Bitcoin Trust has seen $19.0 billion in inflows year-to-date, making it the fourth most successful ETF this year. As inflows continue to rise, Bitcoin is outperforming all other asset classes with a year-to-date gain of more than 57%, according to 10x Research.
Matrixport notes that the rebound in Bitcoin's hash rate signals a positive outlook. Historically, this has been a leading indicator for BTC rallies, including the decline in May. Bitcoin miners are gradually expanding into AI post-Bitcoin halving, as miner revenue has dropped significantly.
Currently, Bitcoin's price has fallen by 0.50% in the past 24 hours, trading at $66,375. The 24-hour low and high are $65,484 and $67,359, respectively. Trading volume has decreased by 31% in the last 24 hours, indicating reduced interest among traders amid market uncertainty. Futures and options trading have also been low over the past 24 hours.
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