According to Bitpush data, Bitcoin hit an all-time high of $107,822 at around 13:30 EST on Monday, up about 5.5% from the end of last Friday. At the same time, Ethereum once rose to $4,081, the highest price recorded since December 2021, slightly higher than the peaks in March and early December this year.
At press time, Bitcoin has retreated slightly and is currently trading at $105,815, up nearly 3% on the day and 9% on the week.
ETH is at $4,029, up more than 3% on the day, but still 16% below its all-time high of $4,878 set in November 2021. The total cryptocurrency market capitalization is $3.7 trillion and is up 2.97% in the past 24 hours.
According to CoinGlass data, the total amount of liquidation in the crypto market in the past 24 hours was US$489 million, of which Bitcoin liquidation was US$177 million and Ethereum (including long positions) was US$97 million.
Crypto Fund Inflows Hits All-Time High
Global cryptocurrency funds continue to be favored by institutional investors, with inflows hitting a record high. According to CoinShares data, global cryptocurrency funds have continued to record net inflows in the past four weeks, totaling $3.2 billion. This positive trend brings the total inflow so far this year to $44.5 billion, more than four times the amount in any previous year.
Among them, U.S.-listed Bitcoin exchange-traded funds (ETFs) performed particularly well. In the past week, these ETFs attracted $2.17 billion in net inflows, and the total inflow has exceeded $5.3 billion since their launch in January this year.
In addition to Bitcoin, Ethereum funds have also recorded seven consecutive weeks of net inflows, totaling $1 billion. The market's growing optimism about Ethereum has driven continued capital inflows. Bernstein analyst Gautam Chhugani said: "Since the past two weeks, the inflow of Ethereum ETFs has exceeded $800 million per week, reflecting an accelerating trend."
In addition, other altcoin funds also recorded varying degrees of net inflows. XRP investment products had a net inflow of $145 million last week, while funds based on Polkadot and Litecoin had inflows of $3.7 million and $2.2 million, respectively.
"Christmas Market" opens
Investor sentiment was boosted by the inclusion of MicroStrategy (MSTR.O) in the tech-heavy Nasdaq 100 index, with its shares surging more than sixfold this year to a market value of nearly $94 billion.
Matthew Dibb, chief investment officer of crypto asset management company Astronaut Capital, believes that inclusion in the Nasdaq 100 will form a virtuous circle: funds tracking the index will passively buy MicroStrategy shares, pushing up the share price; MicroStrategy can continue to increase its holdings of BTC by issuing bonds or stocks, thereby further consolidating its position advantage, thereby attracting more investor attention and driving the share price further up.
“The inclusion seemed a bit unexpected, but that hasn’t stopped people’s excitement, with many seeing this as the start of a capital recycling cycle that could push up bitcoin spot prices,” he said.
Data from the past eight years shows that since 2015, Bitcoin has closed higher in December six times, with gains of at least 8% and as high as 46% (except in 2020).
This year's Christmas rally seems to have started early, referring to the phenomenon that U.S. stocks often rise in the last week of December and the first few days of January. This rise is often influenced by holiday optimism, increased holiday spending and investors' year-end trading.
“We’re in a range right now,” IG analyst Tony Sycamore told CNBC. “The next number the market was looking forward to was $110,000. The pullback that a lot of people were speculating on didn’t happen.”
Mena Theodorou, co-founder of Coinstash, believes: "With BTC firmly above $100,000, ETH's growing momentum and huge ETF inflows may indicate that a broader altcoin Christmas rally is about to begin. Coupled with the Trump administration's support for cryptocurrencies, easing inflation, and possible interest rate cuts by the Federal Reserve, the conditions for supporting potential cryptocurrency market growth are already very sufficient."
Meanwhile, some traders are targeting BTC to reach $120,000 and above in the coming year.
Jeff Mei, COO of cryptocurrency exchange BTSE, said on Telegram: "We believe that Bitcoin still has huge upside potential and the price can easily reach $125,000 by the end of 2025. While some say that Bitcoin's upside potential has been priced in over the past month or so, we believe that the rally has just begun. This is because it will take time for institutions, family offices and high net worth individuals to accept the idea of allocating 1%-3% of their portfolios to Bitcoin and cryptocurrencies. Once this happens, cryptocurrency inflows may soar. Considering Trump's pro-cryptocurrency appointments, continued interest rate cuts and other positive factors, there are many bullish reasons."
