To The Moon

Bitcoin have stayed above $60,000 level at the time of writing and we are still seeing an uptrend from Coindesk indicator.

Bitcoin Ordinals protocol in January 2023

The release of the Bitcoin Ordinals protocol in January 2023 led to a significant increase in the number of inscriptions on the BTC network. This surge in activity also resulted in a noticeable increase in transaction fees, tons of in-fighting among small blockers, and billions of inscriptions across the blockchain landscape.

The Ordinals protocol on the Bitcoin network is a process for numbering satoshis, giving each satoshi a serial number and tracking them across various transactions in a process called “inscription”. Thus, the ordinals protocol allows users to make individual satoshis unique by adding this extra data – thus making them into an NFT.

Additionally, Bitcoin has been gaining momentum behind the scenes ahead of the Bitcoin Halving event 2024. Bitcoin Halving 2024 is expected to come about sometime in May 2024. Thus, it is less than a year away.

If we look at the number of addresses on the Bitcoin Network, there have been consistent more than 10 millions since Feb 2023, and this shall continue and thus I believe will continue to push Bitcoin towards $100K.

NFTs Making A Comeback Can Lift the Entire Crypto Ecosystem

With the creation of Bitcoin NFTs allowed by the arrival of the Ordinals Protocol, there is no coincidence that price of Bitcoin is experiencing a big jump.

With Ordinals added to the SEC's exemption of Bitcoin from the label of security, and we see a bullish bitcoin picture emerging. This enables users to inscribe references to digital art into small transactions on the Bitcoin blockchain, essentially creating Bitcoin-based non-fungible tokens. This has demonstrated a new, high-value use case for the longest-running cryptocurrency chain (Bitcoin).

This can be seen from the monthly transactions on the Bitcoin Network

U.S. regulatory actions

A string of U.S. regulatory actions has highlighted the risks that many, if not all, major non-Bitcoin blockchains will fall afoul of the Securities and Exchange Commission Chairman Gary Gensler’s hardline position that most tokens are securities.

It appears bitcoin is the one reliable exception to that. That is making it attractive in relative terms to Ethereum’s ether, Solana’s SOL and all others.

The bottom line is that Bitcoin has proven to be sufficiently decentralized that U.S. authorities have conceded that the leading cryptocurrency is not a security. In this new, politically tense environment, this gives it a distinct advantage.

Looking at how the Spot and Futures Bitcoin ETF have stacked up, we can see that Spot ETF have been gaining since the approval of 11 Spot Blockchain ETF, this is not going to stop the Bitcoin rally, as it attempt for the $100K mark.

Here are some of the Spot Blockchain ETFs we can seriously consider.

$iShares Bitcoin Trust(IBIT)$ $Grayscale Bitcoin Trust(GBTC)$ $Fidelity Wise Origin Bitcoin Fund(FBTC)$ $ARK 21Shares Bitcoin ETF(ARKB)$ $Bitwise Bitcoin ETF(BITB)$

As seen below, their market share have increased since the Spot Blockchain ETF inception.

Summary

Based on the data I have gathered, it looks like Spot Blockchain ETF might be the catalyst for Bitcoin push towards $100K mark.

Appreciate if you could share your thoughts in the comment section whether you think Spot Blockchain ETF is a catalyst to Bitcoin rally to 100k.

@TigerStars @Daily_Discussion @Tiger_Earnings @TigerWire appreciate if you could feature this article so that fellow tiger would benefit from my investing and trading thoughts.

Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.