Weekly Crypto News: ETF Milestones, Ethereum Going Strong, Amazon Shareholders Push for BTC, and More

Bitcoin showcased its resilience this past week, briefly dipping below $95,000 on Monday amid market-wide liquidations before bouncing back to surge past $101,000 on Wednesday. This recovery was fueled by the U.S. Consumer Price Index (CPI) report for November, which indicated a 2.7% rise in inflation, aligning with market expectations. The data spurred optimism for a potential Federal Reserve rate cut, driving Bitcoin’s momentum.

As of Sunday, Bitcoin traded near $99,500, just shy of the highly anticipated $100K level. Analysts remain optimistic about its trajectory, with some predicting a "Santa Claus rally" could push Bitcoin to new highs - traders now eye $120,000 as the next major milestone, fueled by increasing whale activity and market momentum.

Bitcoin has reached $106,000 today, December 16, 2024, further solidifying its upward momentum.

Spot Bitcoin ETFs in the U.S. achieved a major milestone this week, surpassing $50.5 billion in net inflows and holding over 500,000 BTC collectively since their launch. Ethereum ETFs followed suit, breaking key records with significant inflows contributing to ETH’s ongoing price rally.

Meanwhile, MicroStrategy added 21,550 BTC to its holdings at an average price of $98,782, increasing its treasury to a staggering 423,650 BTC. These developments underscore the growing influence of institutional players in shaping the crypto market, with Bitcoin and Ethereum ETFs cementing their positions as key vehicles for crypto adoption.

Ethereum (ETH) maintained its position near $4,000 this week, showing resilience despite relatively subdued growth. The asset recorded a modest weekly gain, reflecting consolidation after last week’s rally. This steady performance comes amid ongoing retail accumulation and institutional interest, with Ethereum’s trading volume on HyperLiquid surpassing $500 billion, underscoring its role in the evolving DeFi landscape.

While growth has slowed, analysts remain optimistic about Ethereum’s potential to target $5,000 by year-end. With network fundamentals bolstered by layer-2 scaling solutions and developer activity at all-time highs, ETH continues to attract attention as a leading blockchain ecosystem. Projections for this market cycle remain ambitious, with some forecasts placing Ethereum at $7,000 as the broader crypto market gains momentum.

Amazon shareholders, led by the National Center for Public Policy Research (NCPPR), proposed allocating 5% of the company’s $88 billion reserves to Bitcoin. They argue that Bitcoin offers inflation protection and long-term growth, outperforming traditional assets like bonds.

If adopted, the proposal could mark a pivotal moment for corporate treasury strategies, potentially setting a precedent for broader crypto adoption among tech giants. While a similar proposal at Microsoft was recently rejected, Amazon’s decision could influence market dynamics and further validate Bitcoin’s role as a strategic reserve asset.