Originally published on: December 13, 2024
As Bitcoin edges closer to the $100,000 mark, corporate executives are taking advantage of the surging cryptocurrency by selling their stock shares at unprecedented levels. The ratio of stock sellers to buyers among corporate executives has reached an all-time high of six to one, according to data from Financial Times shared by The Kobeissi Letter.
This trend in the traditional stock market comes as BitcoinBTC continues to soar, surpassing the $100,000 milestone on December 6. With year-to-date (YTD) returns of over 127%, Bitcoin has outperformed many global assets, including precious metals and top stock market indexes.
Despite the record-breaking stock sales by corporate executives, Bitcoin’s price continues to climb, with experts predicting potential gains of up to $160,000 by 2025. Improved macroeconomic conditions and interest rate cuts in key regions like Europe and China are driving this bullish sentiment in the crypto market.
However, the upcoming interest rate decision by the United States Federal Reserve on December 18 could influence Bitcoin’s performance for the rest of the year. According to Jag Kooner, head of derivatives at Bitfinex, favorable macroeconomic conditions and increased institutional adoption could push Bitcoin to new heights before the year ends.
Looking ahead, Bitcoin’s price is projected to reach a “local top” of $110,000 in January before a temporary correction to around $70,000 in February 2025. The growing inflows into Bitcoin exchange-traded funds (ETFs) are also expected to contribute to Bitcoin’s upward momentum.
With over $4.8 billion worth of inflows into US spot Bitcoin ETFs in just 11 days leading up to December 12, it’s clear that investors are increasingly turning to Bitcoin as a lucrative investment opportunity. As the cryptocurrency market continues to evolve, the future looks bright for Bitcoin and its potential to reach new heights in the financial world.