Bitwise chief investment officer Matt Hougan is unveiling the catalysts that he believes will push Bitcoin (BTC) to $100,000 and beyond.

Hougan says on the social media platform X that macroeconomic conditions and on-chain data appear to be suggesting that Bitcoin is poised to spark huge rallies.

According to the Bitwise executive, major central banks are adopting loose monetary policies as Bitcoin supply dwindles following this year’s halving event when BTC miner rewards were slashed in half.

“We’re heading to six-figure Bitcoin.

* ETF flows reaccelerating
* Election approaching
* Infinite deficits (bipartisan agreement!)
* Economic stimulus in China
* Global rate cuts (Fed, ECB)
* Halving supply shock starting to bite
* Whales accumulating.” 

Hougan also highlights Bitwise’s data on Bitcoin exchange-traded funds (ETFs), showing that inflows have exceeded $20 billion just this year. The chart reveals that BTC ETFs have massively outperformed their gold counterparts in terms of inflows during the first year of existence.

“This.”

Bloomberg senior ETF analyst Erich Balchunas explains the significance of the massive inflows witnessed by Bitcoin ETFs this year. According to Balchunas, gold ETFs had to wait for half a decade before seeing a comparable capital allocation.

“Bitcoin ETFs have crossed $20 billion in total net flows (the most important number, and most difficult metric to grow in ETF world) for the first time after a huge week of $1.5 billion.

For context, it took gold ETFs about five years to reach the same number. Total assets are now $65 billion, also a high water mark.” 

At time of writing, Bitcoin is trading for $68,172.

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Generated Image: Midjourney

Praxis and Blockstream grabbed headlines this week, each with six-figure fundraising rounds, per the latest data.

Crypto VC funding has seen a noticeable spike over the last seven days compared to last week, when Ithaca led the pack with a $20 million raise. However, this week, as Bitcoin (BTC) reclaimed the $68,000 level, crypto.news analyzed and collected data from data from Oct. 13 to Oct. 19.

Here are the firms that topped the list, according to Crypto Fundraising.

Praxis, $525 million

• Praxis is the first network state, which is building an online community of people with similar national consciousness.
• The firm leads the week’s crypto VC funding with $525 million raised.
• The primary investors in the fundraising include Gem Digital, Arch, Manifold, etc.

Weekly non-fungible token sales volume has surged 22.5% and now stands at $93 million, per the latest data.

As the crypto market shows slow signs of recovery, the NFT market enjoys an uptick in volume and other metrics. Here’s a small glimpse:

• NFT sales volume pumped to $93 million from last week’s $77.6 million.
• The Ethereum (ETH) network has dethroned the Bitcoin (BTC) network in terms of volume.
• NFT buyers almost doubled from last week’s 263,804 to 494,666.
• The number of NFT sellers also witnessed a 108% surge and stands at 252,401.

Ethereum vs. Bitcoin

Bitcoin, which has been maintaining its top position, has been dethroned by Ethereum in terms of sales volume in the last seven days.

Ethereum NFT sales volume has surged from last week’s $26.6 million. The sales have seen an uptick by over 30% and stand at $33.4 million at press time.

Bitcoin has also exhibited a 36% surge, with the weekly sales volume standing at $21.6 million.

However, when it comes to Ethereum, $5.3 million of the volume accounted for wash trading. This is considerably higher compared to Bitcoin’s wash trading of $902,000.

Cryptoslam data shows that Solana (SOL) has stood robust in its third position, just like last week. Solana’s weekly NFT sales volume stood at $16.6 million.

Mythos Chain (MYTH) and Polygon (POL) earned the next two positions in the leaderboard with $5.5 million and $3.9 million in sales, respectively.

Concerning the number of NFT buyers, Solana has maintained its dominance at 192,543. This is a considerable 220% surge from last week’s 60,115.

DMarket maintains its first position for over three weeks

Just like the last two weeks, DMarket maintains its ranking with the highest sales — $5.2 million. However, the sales are down by almost 30% from last week’s $8.02 million.

Uncategorized Ordinals is second on the list with $4.86 million in sales. This NFT collection has seen an 1,800% surge in sales in the last seven days.

According to Cryptoslam, these are the top NFT sales from the last seven days:

• Ordinal Maxi Biz (OMB) #882b65…a96ei0 sold for $109,079 (1.5942 BTC).
• Ordinal Maxi Biz (OMB) #32b13f…6c26i0 sold for $91,085.87 (1.3371 BTC).
• Ordinal Maxi Biz (OMB) #591165…c718i0 sold for $87,895.17 (1.2857 BTC).
• CryptoPunks #6409 sold for $79,237.16 (29.99 ETH).
• CryptoPunks #8135 sold for $78,503.09 (29.75 ETH).