Bitcoin Breaks All-time High as Spot ETF Options Launch

Bitcoin has again past its previous all-time high of $93,450, reaching a new all-time high of over $94,000. The surge comes alongside the launch of spot Bitcoin ETF options on Nasdaq, which saw explosive demand. BlackRock’s IBIT, the only U.S.-based spot Bitcoin ETF with available options, traded 73,000 contracts in the first 60 minutes on Tuesday. This impressive debut placed IBIT among the top 20 most active nonindex options.

The fund also generated hundreds of millions in trading volume on day one, with the majority of contracts being calls, indicating strong bullish sentiment as traders bet on further Bitcoin gains. Analysts view these ETF options as a pivotal development, adding market depth and attracting institutional investors to the space.

Standard BTC trading ETFs saw another significant inflow today, with $816.4M pouring in, a trend that’s quickly becoming the norm. Adding to the bullish sentiment, reports surfaced of Donald Trump meeting Coinbase CEO Brian Armstrong to discuss regulatory appointments. This development has further fuelled optimism around the potential for a pro-crypto SEC chairman.

Weekly Price Update

Solana ETF in 2025

Matthew Sigel, VanEck's Head of Digital Asset Research, forecasts a high likelihood that a Solana ETF will be approved in the US by the end of 2025. Sigel believes that this will be the likely outcome as we develop a more crypto-friendly regulatory environment expected under Donald Trump’s presidency.

While the US has only approved ETFs for Bitcoin and Ethereum, Europe has already approved ETFs for around 30 different digital assets. A Trump presidency is expected to bring a more libertarian SEC chair, which could ease the approval process for multiple proposed crypto ETFs.

Bitcoin "Won't Break 60k Again"

Michael Saylor's bullish outlook on Bitcoin remains steadfast, predicting that Bitcoin won’t fall below $60K again, and believes Bitcoin will continue an upward trajectory from its current price of $92,000. Saylor credits Donald Trump's return to the White House and securing of Bitcoin’s future in the U.S, anticipating that no near-term threats loom for the cryptocurrency.

Saylor, alongside Keith Alan of Material Indicators, has set a $100K target for Bitcoin by the end of 2024, even planning a New Year's Eve celebration in anticipation of this milestone. However, some voices in the crypto space, like CryptoQuant CEO Ki Young Ju, warn that Bitcoin might experience a dip below $59K by year-end due to an overheated futures market, with continued volatility expected. Despite these differing views, the general consensus seems to lean toward an overall upward trend in the market.

Saylor is also backing the US Strategic Bitcoin Reserve Bill, predicting it could bring up to $30 trillion in benefits if passed. The deal outlines a proposal for the US Government to accumulate 5% of Bitcoins total supply. During the week, Sławomir Mentzen, a Polish presidential candidate, vowed to create a Bitcoin reserve if elected in 2025. "If I become the President of Poland, our country will become a cryptocurrency haven, with very friendly regulations, low taxes, and a supportive approach from banks and regulators." Although his odds of victory are low, he saw a spike from this announcement, indicating the support many have in Bitcoin friendly policies.

Polish Candidate on X

Tier-1 Listings - Pepe & Wif

Coinbase, the largest US crypto exchange, alongside popular investment platform Robinhood, announced this week the listing of the widely recognised frog memecoin, PEPE, which saw its price surge by 50%. Pepe has now risen by 110% over the past 14 days.

PEPE Chart

Following the announcement of PEPE's listing, Coinbase added Solana's memecoin, dogwifhat (WIF) to its listing roadmap which has now been listed. This development led to a 37% surge in WIF's price.

WIF Chart

Tier-1 exchange listings are generally bullish events for traders, as they significantly boost accessibility for investors to buy these coins, often driving demand sharply upward. By listing on major platforms like Coinbase, coins such as Pepe and WIF gain broader exposure and increased liquidity, which can attract a wider investor base and add momentum to price gains.

SHIB vs WIF Comparison

Now that WIF is listed on Coinbase, let’s take a look at what happened last time a popular meme coin, SHIB, was listed on the platform in 2021.

Before its listing, SHIB’s market cap was around $2.8 billion, and it rallied 1,800% post listing. WIF is currently at a similar market cap $3.2 billion, highlighting the potential impact of these listings during a bull run.

It’s important to note that market conditions were significantly different at the time of SHIB's rally. The meme sector is now much more saturated with choices. Additionally, SHIB’s rise was driven by strong retail momentum, which isn’t as prevalent today, and WIF doesn’t occupy a similar ranking in popularity.

Future Tier-1 Listings

When top exchanges list assets, they typically need to acquire a large portion of the token’s supply. For example, Binance currently holds 22.07% and 24.15% of WIF’s and PEPE’s supply. There’s speculation that the recent listings of PEPE and WIF may signal the start of more listings across memes in this bull market, presenting potential opportunities. As 20%+ supply accumulation of already trending assets may trigger a spike in price.

Among those drawing attention in the market is POPCAT and FWOG, which are yet to achieve any Tier-1 listings but saw a spike in price from the speculation of future listings on major exchanges like Binance, Coinbase, or OKX on the horizon

Tax On U.S Crypto Companies

Rumours are swirling about a potential move to eliminate capital gains taxes on U.S.-issued cryptocurrencies, thanks to sources close to former President Donald Trump’s transition team. If it happens, this policy could make U.S.-issued tokens potentially tax-free, which would encourage a surge in domestic investments and positioning the U.S. as a top global hub for crypto innovation. It’s a game-changer that could attract both big institutional players and everyday investors chasing tax-free gains while supercharging development in American blockchain ecosystems.

XRP Price Chart

Many US based currencies have seen sharp increases this week from these headlines and if this policy rumour becomes a reality, these are the trending coins that could benefit. ADA, with its founder Charles Hoskinson deeply embedded in the U.S. blockchain scene.  ADA's 47% gain this week reflects strong momentum that could accelerate. Other U.S.-centric tokens like ALGO +51% , XRP +63%, and HBAR +109% are also primed for benefits.

MicroStrategy's Bold Bitcoin Strategy

MicroStrategy has unveiled plans to raise $1.75 billion through zero-interest convertible notes maturing in 2029, with the funds used for expanding its Bitcoin holdings and general corporate purposes. The company has already made significant waves in the Bitcoin space, recently acquiring 51,780 BTC for $4.6 billion, boosting its total holdings to an impressive 331,200 BTC. This represents 1.58% of Bitcoin's total supply, with the current value of its Bitcoin holdings exceeding $30 billion.

The convertible notes will be offered to qualified institutional buyers and come with the flexibility to be converted into cash, MicroStrategy stock, or a combination of both. An additional $250 million in notes may also be issued. Wall Street has taken notice of the company's aggressive Bitcoin strategy, with major investors such as Vanguard Group, Capital International Investors, and Morgan Stanley significantly increasing their stakes in MicroStrategy. The company's stock (MSTR) has surged 485% this year, outperforming Bitcoin’s 112% rise, though it also carries higher volatility at 32% compared to Bitcoin's 16%.

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