Summary

Markus Thielen discussed key trends driving the cryptocurrency market, focusing on Bitcoin. He noted that global crypto adoption has reached an 8% tipping point, with assets under management hitting $3 trillion and daily trading volumes comparable to major asset classes. Thielen highlighted that large-scale holders, including whale wallets and high-net-worth individuals, are accumulating Bitcoin for the long term, creating supply scarcity and supporting price increases. Long-term holders not moving coins to exchanges is seen as bullish, signalling restricted supply amid consistent demand from ETF inflows and stablecoin issuance. Recent ETF flows, especially post-September FOMC, showed significant increases, while geopolitical factors, such as U.S. election outcome and potential pro-crypto policies under Trump, could enhance adoption further. Thielen emphasised that market dynamics are shifting from traders, towards stable, long-term holders, with new acquisition methods like options trading on ETFs contributing to potential price growth. He compared Bitcoin's potential to gold, suggesting Bitcoin ETFs are gaining traction and its market cap could challenge gold's $12 trillion value. Thielen concluded that the combination of strategic accumulation, macroeconomic conditions, and supply limitations supports continued upward price momentum for Bitcoin.

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