An influx of $9.7 billion into stablecoins over the past 30 days will propel the price of the leading cryptocurrency to $100,000 by the end of November, according to Leon Waidmann, head of research at The Onchain Foundation.
Stablecoin inflows to exchanges hit $9.7B in 30 days!
The LARGEST monthly inflow EVER.
Stablecoin liquidity is back.
Speculative demand continues to explod! pic.twitter.com/9DQ5j6dCHK
— Leon Waidmann | Onchain Insights (@LeonWaidmann) November 21, 2024
“The largest monthly inflow ever. […] Speculative demand continues to grow!” he stated.
This perspective is shared by Ryan Lee, chief analyst at Bitget Research.
“If history repeats itself, there remains a growth potential of 14.7%, which is much higher than the $100,000 target. The post-halving trend is very positive for forecasting Bitcoin’s future,” noted the expert.
Support is also provided by inflows into BTC-ETFs. On November 20, $773 million was added to these products, marking positive momentum for the third consecutive day.
The volume of assets in these instruments has exceeded $100 billion (5.4% of the digital gold’s market capitalization).
Since approval, investors have directed $29.35 billion into exchange-traded funds.
Previously, the launch of options on BTC-ETFs pushed Bitcoin to an all-time high near $94,000.
Glassnode noted that the price of the leading cryptocurrency has not reached levels for hodlers to take profits. CryptoQuant emphasized that only one out of five signals currently indicates the end of Bitcoin’s rally.