VanEck, Buys Bitcoin (BTC) at $60,000..."Fill Up by October"

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A forecast suggests that Bitcoin (BTC) will significantly rise from its current level in a year, accompanied by advice to fill up target investment proportions by October. VanEck did not buy in every dip this year, but it detected excessive concentration in the derivatives market when Bitcoin was in the $60,000 range.

On July 7 (local time), the cryptocurrency-focused YouTube channel Altcoin Daily featured an interview with Matthew Sigel, Head of Digital Asset Research at VanEck. Sigel stated, “We are telling our clients that it would be good to have their full target positions by October.” He explained that considering Bitcoin's four-year cycle, they did not buy during every price drop.

Sigel revealed that they bought Bitcoin during some of the dips this year. When Bitcoin first reached $60,000, positions in the derivatives market were heavily skewed to one side, and the price subsequently rebounded to the early $80,000s. In the recent correction, strong capitulation signals like those seen during the initial drop to $60,000 did not appear, and put option prices were in the 80th percentile historically, below the 99th percentile at that time.

Conversely, metrics indicating potential seller exhaustion were observed. Realized losses reached the 90th percentile historically, and the selling pace of holders with over two years of tenure slowed down. Sigel proposed a time-segmented buying strategy as a reasonable approach, gradually increasing exposure each month to build target positions before entering the fourth quarter.

Sigel stated, “My conviction remains that Bitcoin will be significantly higher in a year.” He cited the U.S. cryptocurrency market structure bill, progress in U.S. strategic Bitcoin reserves, and the expansion of national adoption as key catalysts the market is awaiting. Currently, approximately 22 countries mine or hold Bitcoin at a national level, and Sigel mentioned that if Bitcoin does not surpass its all-time high by Q1 2028, he might re-evaluate the existing investment thesis.

The video also covered congressional movements surrounding the U.S. cryptocurrency market structure bill. Former New York Governor Andrew Cuomo urged Congress and the White House to pass the bill, stating, “You cannot oppose technological progress.” Cuomo emphasized that what businesses want are clear rules and regulatory standards, and that the U.S. must establish institutional standards to apply to the cryptocurrency market.

[Article Key Summary]

-VanEck expects Bitcoin to be at a significantly higher level in a year and has advised clients to build their target investment proportions by October.

-Put option prices reached the 80th percentile historically, realized losses the 90th percentile, and the selling pace of holders with over two years of tenure slowed.

-VanEck cited the U.S. cryptocurrency market structure bill, strategic Bitcoin reserves, and the expansion of Bitcoin mining and holding by approximately 22 countries as key catalysts.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*