Bitcoin has shattered previous records, breaking through $98,000 to set a new all-time high of $98,151. Analysts at QCP Capital note that Bitcoin is closer than ever to the symbolic $100K milestone.

Throughout the week, aggressive demand for March and June call options indicates strong investor confidence in Bitcoin’s long-term potential. The BTC ETF boom remains a major catalyst, driving unprecedented capital inflows into the cryptocurrency.

BTC has just broken through $98,000, setting a new all-time high and is now trading at $98,151. QCP said, it's now closer than ever to that 100k milestone. Throughout the week, our desk observed aggressive demand in March and June Calls, signaling investors' long-term bullish…

— Wu Blockchain (@WuBlockchain) November 21, 2024

The total net asset value of U.S. Bitcoin spot ETFs has surpassed $100 billion, an achievement reached in just 10 months following the launch of ETFs by financial giants like BlackRock and Fidelity. This milestone underscores the growing institutional appetite for Bitcoin as a mainstream asset class.

As the price of Bitcoin rises, the total net asset value of US Bitcoin spot ETFs has exceeded $100 billion. 12 Bitcoin ETFs, including those from BlackRock and Fidelity, were issued in January and reached the milestone of $100 billion in just 10 months. https://t.co/Hj2Gs49bWa

— Wu Blockchain (@WuBlockchain) November 21, 2024

Despite Bitcoin’s meteoric rise, on-chain data highlights potential risks. Hodlers’ balances have dropped significantly, from 13.8M BTC in August to 12.5M in mid-November 2024. This shift often signals profit-taking at market peaks, potentially paving the way for a price correction.

The Market Value to Realized Value (MVRV) ratio, a key valuation metric, currently stands at 2.0, suggesting Bitcoin may be nearing overvaluation. Additionally, the percentage of Bitcoin holders in profit has dropped from 99% to 93% in November, hinting at a shift in sentiment and possible increased selling pressure.

Short-term holders have increased their positions, while long-term holders have reduced theirs—a typical pattern at market peaks. With Bitcoin’s recent price volatility, which saw it touch $94,800 on November 20, major movements could be on the horizon.

Recent data reveals a significant decline in Bitcoin hodlers' balance, dropping from 13.8M BTC in August to 12.5M in mid-November 2024. This trend often signals a local price peak as hodlers sell, potentially indicating an impending market correction.

The Market Value to… pic.twitter.com/rQffvcAlbZ

— IT Tech (@IT_Tech_PL) November 20, 2024

On the same day, Bitcoin spot ETFs recorded net inflows of $796 million, with BlackRock’s IBIT leading the charge, posting a single-day inflow of $627 million. Bitcoin’s path to $100K appears inevitable, but market watchers advise caution amid the euphoria.

On November 20, the Bitcoin spot ETF had a total net inflow of $796 million. The BlackRock ETF IBIT had a single-day net inflow of $627 million. On November 20, the Ethereum spot ETF had a total net outflow of $33.4749 million. https://t.co/59u0BnEqLG

— Wu Blockchain (@WuBlockchain) November 21, 2024

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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