three reasons<\/a> why BTC is leading the crypto markets to new all-time highs.<\/p>\n\u201cFirst of all, welcome to The Greatest Show on Wall Street. I think Wall Street\u2019s full, undivided attention is now on Bitcoin. And really, there are three things that drove this move.<\/em><\/p>\nThe first is that there have been record inflows into the ETFs (exchange-traded funds). Last Thursday alone saw $1.2 billion\u2014the second-highest day ever. Those ETFs now collectively have over $140 billion. BlackRock\u2019s fund alone is now almost $90 billion. In about a year, they went from not having a Bitcoin ETF to having one of the top 20 largest ETFs in the world. So there\u2019s a lot of inflows there.<\/em><\/p>\nThe second thing is that the options expired at the end of Q2. So all that downward pressure on Bitcoin went away. That helps\u2014kind of like a beach ball being pushed underwater. Obviously, it can pop back up.<\/em><\/p>\nAnd then the third thing is that there were a lot of short sellers. You started to see that build up, and as they got blown out as Bitcoin ran, you entered this price discovery phase. If you go back to November, we went from $70,000 to $90,000 in about two to three weeks. And $70,000 was a new all-time high.\u201d<\/em><\/p>\nWhile not giving explicit price targets, Pompliano says that BTC is in for a \u201cbig move\u201d now that\u2019s broken the previous all-time high of $110,000.<\/p>\n
\u201cWell, what we\u2019re watching now is that we\u2019ve broken through that $110,000 range, which was the previous all-time high. I don\u2019t know if it goes to $140,000, but it sure is going to make a big move here\u2014because we are in a true price discovery phase.\u201d<\/em><\/p>\n