GM Explorer,

With record-breaking $10,000 predictions, surging institutional interest, and bullish market signals, Ethereum might finally shed its underdog status. Let’s dive into the buzz!

Here’s what we got for you today:

• 🤯 Analysts eye $10K for Ethereum soon!

• 🧑‍💼 Trump's Treasury Secretary pick: A crypto advocate!

• 🔎 Market Insight: Using Bitcoin to time altcoin tops

• 🧱 Around the Block: Bitcoin nears 1M daily active addresses as price chases $100K.

🤯 Analysts Eye $10K for Ethereum Soon!

A few days ago, we took an in-depth look at Ethereum’s performance, spotlighting predictions that ETH could reach $4,000 this cycle.

Now, analysts say $10K is in sight!

UK bank Standard Chartered predicts that ETH will not only surpass its previous record of $4,878 but could soar to $10,000 over the next year.

This bullish sentiment is equally evident in options markets.

Open interest—a key indicator of market bullishness—is nearly three times as high as bets that the price will fall.

There’s a significant concentration at $4,000, with bullish bets hitting an impressive $20 million compared to around $6 million in bearish positions.

This suggests that many traders are seeing a rally on the horizon!

What’s fueling the optimism?

In a research note, Peter Chung and Min Jung, analysts at Presto Labs, gave three reasons why Ethereum's lackluster performance in this cycle might be coming to a close.

First up is Donald Trump’s victory in the US election, which caused the recent crypto pump.

Market watchers suggest that his win, combined with Republican majorities in Congress and the Senate, opens the door to pro-crypto policies.

For Standard Chartered, Trump’s victory is seen as a major catalyst that could propel Ethereum to the elusive $10,000 mark by 2025.

Wall Street seems to be warming up to Ethereum, too!

For instance, Ryan Rasmussen, head of research at Bitwise, recently shared that they are in discussions with multi-million dollar wealth management funds.

This growing interest could signify a significant turning point for Ethereum ETFs, which have struggled to meet their pre-launch hype thus far.

Chung and Jung further highlight the ETH-BTC ratio—a metric that gauges the value of one Ether against Bitcoin—as a sign of shifting tides.

Although this ratio has declined over the past two years, it has seen a slight uptick of over 1% in the last week, hinting that Ethereum's challenges may be easing.

They interpret this as a potential bottoming out, especially in light of a recent surge in trading activity over the weekend.

However, not everyone is sold on the idea that Ethereum will break records soon.

A hefty $7 million wager on prediction site Polymarket currently puts the odds at just 21% for the altcoin hitting a new high in 2024.

So, what do you think—is Ethereum poised to soar, or will it be stuck in the shadows?

Dive deeper into the story here!

🧑‍💼 Trump's Treasury Secretary Pick: A crypto advocate!

President-elect Donald Trump has nominated hedge fund manager Scott Bessent for Treasury Secretary.

If confirmed, his signature could be the next one on the front of paper U.S. currency.

Bessent previously worked for prominent investor George Soros three decades ago, and apparently, he did a great job.

The Wall Street Journal refers to him as "one of the driving forces" behind Soros Fund Management's famous bet that the British pound would crash—a bet that raked in over $1 billion in profit!

Now, he runs Key Square Group, a macro investing firm.

He’s also a fan of digital assets and recently expressed his enthusiasm for Trump's support of crypto, stating:

Trump’s nomination of Bessent doesn't come as a surprise; polymarket traders had already placed their bets, identifying him as a frontrunner.

Plus, Trump recently picked Cantor Fitzgerald CEO Howard Lutnick—another strong crypto proponent—as Commerce Secretary.

Clearly, the trend of selecting crypto champions for key positions in his administration is well underway!

Read the full story here.

🔎 Market Insight
Using Bitcoin to Time Altcoin Tops

First, let's address an important point.

Calling the tops for any Altcoin is incredibly difficult; some will say near impossible.

However, there are strategies to help estimate the best time to sell your Altcoin.

One of the most effective strategies for determining this is the Alt/BTC chart.

This video explains the strategy and how best to implement it:

🧱 Around The Block

• Bitcoin nears 1M daily active addresses as price chases $100K.

• Bitcoin ETF volume reached $5b as Bitcoin price dropped $91k.

• Cardano bulls withdraw $100 Million from Exchanges, hint at fresh ADA surge.

• Rumble to invest up to $20 million in Bitcoin from its cash reserves.

• Crypto gains let poor people buy houses, U.S. research finds, but risks may lurk.

• Marathon Digital urges the US to adopt Bitcoin reserve in an open letter.

• US appeals court says Treasury 'overstepped' authority in Tornado Cash sanctions.

That's all we've got for you today.

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Catch you soon.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.