While a Slight Decline is Seen in the Crypto Market, Bitcoin Retreats to $67 Thousand

CoinDesk 20 Index: 2,039.00 -1.08%Bitcoin (BTC): $67,083.27 -0.76%Ether (ETH): $2,609.37 -0.27%S&P 500: 5,842.47 +0.47%Gold: $2,688.52 +0.54%Nikkei 225: 38,911.19 -0.69%

Demand for Bitcoin (BTC) is rising again after remaining mostly stagnant since May. Current demand reached 177,000 BTC per month before a 5 percent rally last week. According to CoinDesk Indices data, bitcoin rose 11% on a weekly basis, outperforming the CoinDesk 20 Index (CD20), which rose 9.6% in the same period. CryptoQuant analysts led by Julio Moreno said in the weekly report that this was the biggest reading since late April and helped BTC surge above $67,800, its highest price level in ten weeks.

Donald Trump’s lead over Kamala Harris in the prediction markets is not limited to Polymarket but has also spread to Kalshi, indicating strong momentum for the Republican candidate. Trump currently has a 56-44 lead over Harris on the Kalshi platform and has been on the rise since early October. Jack Such, one of Kalshi’s market research analysts, stated in a note he shared yesterday that Trump’s increase in Kalshi was not a surprise. “Harris is facing declines in key demographic groups and has continued to lose support in the ‘Blue Wall’ states over the past three weeks,” Such wrote. The difference in Polymarket has increased to 20 points in favor of Trump, and traders evaluate the probability of the candidate returning to the White House in 2025 as 60%.

A growing number of Asia-based private wealth managers are stepping into the crypto market, with some predicting bitcoin will reach $100,000 by the end of the year, according to a report by Aspen Digital. Digital assets are on the rise as an alternative investment class in Asia, with 76% of family offices and high-net-worth individuals investing in cryptocurrencies and 16% planning to enter the space in the future. This is a significant increase from the previous study, where 58% of respondents reported exposure to digital assets and 34% planning to invest in 2022. In the report shared with CoinDesk, most participants highlight diversification and inflation protection among the main motivations for investing in digital assets, stating that the main incentive force is the search for higher returns.

The chart shows the leading blockchains by total dollar value of cryptocurrencies bridged over the last four weeks. Ethereum remains in the lead, followed by Base, Coinbase’s layer-2 network, which has significantly higher activity than Arbitrum. Source: Artemis