Bitcoin (BTC) Bullish Thesis Above $100,000 Solidifies as ETF Market Crosses $20B in Total Net Flows

Bitcoin (BTC), crypto's sole trillion-dollar asset, will inevitably cross six figures per coin due to a combination of institutional, macroeconomic, and on-chain factors

(Bitcoin price analysis) Bitcoin’s bullish case for hitting and surpassing $100,000 in upcoming months has only strengthened in recent weeks, Bitwise CIO Matt Hougan asserted in a new X post.

Bitcoin (BTC), crypto’s sole trillion-dollar asset, will inevitably cross six figures per coin due to a combination of institutional, macroeconomic, and on-chain factors, Hougan explained.

Exchange-traded fund expert Eric Balchunas stated that U.S. spot Bitcoin exchange-traded funds saw over $20 billion in total net flows. The American Bitcoin ETF complex enjoyed over $65 billion in assets under management following $1.5 billion in inflows this week.

Balchunas highlighted that ETFs tracking legacy assets, such as gold, took several years to reach these numbers. In contrast, Bitcoin products achieved this milestone within a year, signaling strong demand from both retail and institutional investors.

Bitcoin ETFs crossed $20b in total net flows (the most important number, most difficult metric to grow in the ETF world) for the first time after a huge week of $1.5b. For context, it took gold ETFs about 5yrs to reach the same number. Total assets now $65b, also a high water mark. pic.twitter.com/edldEimfqd

Hougan, together with QCP Capital and other experts, highlighted the upcoming U.S. presidential elections as a further catalyst for BTC price acceleration. Pro-Bitcoin candidate Donald Trump has led several on-chain betting polls on platforms like Kalshi and Polymarket.

There is also a growing outlook suggesting that BTC price will perform strongly irrespective of which party gains control of the White House.

Another bullish indicator mentioned by Hougan is the accumulation of Bitcoin by whales. Data from CryptoQuant showed that large Bitcoin holders have been purchasing the asset at record rates. According to CryptoQuant founder Ki Young Ju, Bitcoin open interest hit an all-time high of $20 billion, with new whale wallets now controlling 9.3% of the total supply.

New whale wallets now hold 1.97M #Bitcoin.

Each has over 1K BTC, average coin age under 155 days, excluding exchange and miner wallets, likely custodial.

Their BTC balance surged 813% YTD, taking up 9.3% of the total supply, valued at $132B today. pic.twitter.com/pxq0tcqMuW

Crypto proponents widely expect liquidity to flow into risk assets in the coming period, citing seasonal trends, new stock price highs, and global rate cuts by central banks, including the Federal Reserve.

Bitcoin has historically tended to gain during the fourth quarter, and experts suggest that the low-funding rate environment could further support this performance.

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