"Bitcoin is still on track to hit $150,000 by the end of the year⁉️"
Data shows that the BlackRock Spot Bitcoin ETF has achieved net inflows for 70 consecutive days, reaching $19.8 million, making it one of the ETFs with the longest daily inflows. Grayscale’s spot Bitcoin ETF GBTC has been one of the largest cryptocurrency funds, maintaining its lead despite facing continued outflows.
Analysts pointed out that Bitcoin miners continue to lose money compared to BTC and are highly dilutive to shareholders.
Within 6 months after the 2020 halving, miners experienced a 50% decline, followed by explosive 150% excess returns that lasted 3 months to March 2021.
The ratio chart of market cap to equal weighted index shows a bias toward larger companies, with listed miners accounting for over 30% of the hash rate, with large miner MARA growing rapidly. He believes that Bitcoin miners are good trading tools but have poor value storage capabilities.
Things may change as large miners take on more hashrate and the industry consolidates. However, in the long term, this is concerning. He hopes more small-scale and nation-state recognition of emerging markets will help offset this trend.
Meanwhile, the United Arab Emirates leads the Middle East in cryptocurrency adoption, with 72% of local users invested in Bitcoin. Last year, daily cryptocurrency trading volume in the region grew by 166%, with an average of 500,000 local cryptocurrency traders in 2024. Standard Chartered analysts say Bitcoin is still on track to reach $150,000 by the end of the year.
💡Personal opinion: I think Bitcoin is currently in an upward trend. By adopting a bottom-fixing investment strategy, increasing spot positions, and taking into account macroeconomic factors such as possible interest rate cuts in Q3-Q4 in the United States, it is expected that funds will continue to pour into the crypto market, pushing the price of Bitcoin to climb to $150,000, starting a bull market.
