Bitcoin (BTC) Is 'Heading to Six-Figure' Territory, Unveils Bitwise Chief Investment Officer Matt Hougan

Hougan says on the social media platform X that macroeconomic conditions and on-chain data appear to be suggesting that Bitcoin is poised to spark huge rallies.

Bitwise chief investment officer Matt Hougan is sharing his thoughts on the factors that he believes will propel Bitcoin (BTC) to reach and surpass the $100,000 mark.

Hougan took to the social media platform to share his analysis, stating that both macroeconomic conditions and on-chain data seem to be indicating that Bitcoin is set to make some huge rallies. According to Hougan, major central banks are adopting loose monetary policies as Bitcoin supply dwindles following this year's halving event, which saw BTC miner rewards slashed in half.

“Heading to six-figure Bitcoin * ETF flows reaccelerating * Election approaching * Infinite deficits (bipartisan agreement!) * Economic stimulus in China * Global rate cuts (Fed, ECB) * Halving supply shock starting to bite * Whales accumulating.” Hougan also highlighted Bitwise's data on Bitcoin exchange-traded funds (ETFs), which shows that inflows have topped $20 billion this year alone. The chart reveals that BTC ETFs have massively outperformed their gold counterparts in terms of inflows during their first year of existence.

“This.” Bloomberg senior ETF analyst Erich Balchunas elaborated on the significance of the massive inflows seen by Bitcoin ETFs this year. According to Balchunas, gold ETFs had to wait for half a decade before seeing a comparable capital allocation.

“Bitcoin ETFs have crossed $20 billion in total net flows (the most important number, and most difficult metric to grow in ETF world) for the first time after a huge week of $1.5 billion. For context, it took gold ETFs about five years to reach the same number. Total assets are now $65 billion, also a high water mark.” At the time of writing, Bitcoin is trading at $68,172.

The above is the detailed content of Bitcoin (BTC) Is 'Heading to Six-Figure' Territory, Unveils Bitwise Chief Investment Officer Matt Hougan. For more information, please follow other related articles on the PHP Chinese website!