Institutional "Singles' Day" BTC buying spree — $100,000 coming soon?
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Institutional "Singles' Day" BTC buying spree — $100,000 coming soon?
MicroStrategy's unrealized gains on its Bitcoin holdings have reached an astonishing $13 billion.
Navigating Web3 tides with focused insightsAuthor: 1912212.eth, Foresight News
After enduring prolonged hardship, investors finally have reason to celebrate as a furious market rally takes hold. Following the conclusion of the U.S. presidential election, market FOMO sentiment has intensified significantly. BTC achieved a rare seven-day consecutive gain on the daily chart, surging from its low range of $67,000 past $70,000. On November 10, it broke through $80,000 again. As round-number price levels were repeatedly and powerfully breached, BTC continued its upward momentum toward $90,000, peaking at $89,530.
Ethereum, previously battered by relentless FUD, also posted seven straight days of gains alongside Bitcoin, climbing from a low of $2,400 to nearly $3,400, with a high reaching $3,387. According to data from 8marketcap, Ethereum's market capitalization rose to approximately $400.07 billion, surpassing Procter & Gamble and ranking 32nd globally in asset market cap. SOL surged past $212, briefly pushing its market cap above $100 billion.
The altcoin sector saw massive rallies across meme coins, AI tokens, public blockchains, and ecosystem projects. In terms of derivatives data, CoinGlass reported $651 million in total liquidations across all platforms within 24 hours, including $278 million in long positions and $371 million in short positions.
What’s driving this exceptionally strong rally?
Institutions Continue Accumulating
Last night, Michael Saylor announced that MicroStrategy acquired an additional 27,200 BTC for approximately $2.03 billion at an average price of $74,463 per BTC. As of November 10, MicroStrategy holds a total of 279,420 bitcoins worth $11.9 billion, with an average cost basis of about $42,692 per BTC.
The market widely agrees that a new bull market has already begun. Michael Saylor’s vocal endorsement combined with substantial real-money purchases clearly signals strong confidence in future price performance.
As of today, MicroStrategy’s unrealized profit on its Bitcoin holdings has reached an astonishing $13 billion.
Yang Mindao, founder of dForce, remarked, "MicroStrategy made more money in the past six months than all crypto VCs combined did over the previous five years—and this was driven solely by one man, Michael Saylor."
Data related to institutional activity in Bitcoin spot ETFs is equally impressive.
According to data disclosed by Trader T, global Bitcoin ETF holdings have surpassed 1.2 million BTC, representing 5.7% of the total supply. The top ten include BlackRock's IBIT, Grayscale Bitcoin Trust, Fidelity, CoinShares, ARK 21Shares, Bitwise, Grayscale Bitcoin Mini Trust, Purpose Bitcoin ETF, 3iQ CoinShares, and ETC Group Bitcoin ETP.
On the specifics of Bitcoin spot ETF flows, there has been substantial net inflow every week since early October. The first week of November recorded $2.22 billion in net inflows, followed by $1.63 billion in the second week.
Trump’s Upcoming Presidency Fuels Expectations of Regulatory Relief
Recent data estimates that the U.S. government holds over 200,000 BTC. During the Bitcoin 2024 conference on July 28, Donald Trump stated that if elected in November, he would fire SEC Chair Gary Gensler, halt any sale of the government’s Bitcoin holdings, and establish a “strategic Bitcoin reserve.”
It is well known that the current U.S. SEC leadership has drawn sharp criticism from entrepreneurs and investors in the crypto industry due to its harsh and rigid regulatory stance. If Trump follows through on replacing Gensler with a pro-crypto regulator, it would be a major positive development for the industry.
Trump is set to officially assume the presidency on January 20 next year. Recently, The Washington Post reported that Trump is identifying candidates for key roles who are supportive of the crypto industry. His senior advisors have been consulting executives in the crypto space regarding potential changes to federal policy. Initial discussions focus on financial regulatory agencies, including the U.S. Securities and Exchange Commission (SEC).
According to five sources familiar with the matter, Trump’s team is considering current regulators, former federal officials, and financial industry executives for critical leadership positions—many of whom have publicly expressed support for cryptocurrencies. The process remains in early stages, and the candidate list continues to evolve.
Can Bitcoin Break $100,000 Before Year-End?
Polymarket, the prediction platform that gained prominence during the U.S. presidential election, is seeing rising interest in bets over whether Bitcoin will surpass $100,000 this year. Current data shows a 54% probability of reaching $100,000, up 18 percentage points from just one day earlier.
However, it should be noted that these forecasts are dynamically adjusted and can fluctuate significantly based on Bitcoin’s price movements. Markets tend to be overly confident during rallies and deeply pessimistic during downturns. As shown in the chart, back in September and October, the odds of Bitcoin exceeding $100,000 were less than 20%.
Matrixport recently released a report stating that as market expectations grow that Trump will shift U.S. regulatory policies toward a more crypto-friendly environment, the bullish momentum appears unstoppable. With his inauguration date set for January 20, 2025, the market still has several weeks to sustain this upward trajectory. We are now truly entering uncharted territory.
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