• If current ETF buying pressure continues, bitcoin prices could reach a maximum of $112,000.
  • The “worst case” scenario would be at least $55,000. This is still an increase of nearly 15% from the current levels.

CryptoQuant, a provider of on-chain data, said that Bitcoin prices could reach $112,000 if current trends in spot exchange-traded fund (ETF) inflows continue.

Ki Young Ju, CEO of X, said that the “worst case” scenario for bitcoin would be at least $55,000 or a 15% increase from Monday’s price. The targets were set based on inflows and a metric that historically indicates if bitcoin prices are “overvalued” (or “undervalued”)

Ki stated that the Bitcoin market saw $9.5B per month in spot ETFs, which could potentially boost the realized cap by an additional $114B annually. Even with $GBTC inflows, a $76B increase could raise the realized cap from $527-565B.

Ki said that a ratio measuring bitcoin’s market cap to realized cap – , a measure active tokens as measured at their last traded price – could indicate a bitcoin peak between $104,000 and $112,000. At those prices the ratio would be 3.9, which is a level has historically indicated a top.

Since their launch, the Spot Bitcoin ETFs hold over 192,000 bitcoins.

The funds are only on the market less than a month, but they have already attracted millions of dollars in investment from investors who want to get exposure to bitcoins without having to purchase and store them directly.

Sam Reynolds is the editor.