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Vaneck Market Outlook: Maintains Bitcoin Year-End Target Price of $180,000
Summary: Vaneck summarized key market points from mid-July to mid-August as follows: Bitcoin (BTC) hit a historical high rebound to $124,000, with CME benchmarks reaching annual highs; maintaining a year-end Bitcoin target of $180,000. Bitcoin miners are diverging: APLD is rising; although U.S. miners account for 31.5% of global hash rate, most miners are underperforming. Digital ...
Vaneck summarized key market points from mid-July to mid-August as follows: Bitcoin (BTC) hit a historical high rebound to $124,000, with CME benchmarks reaching annual highs; maintaining a year-end Bitcoin target of $180,000. Bitcoin miners are diverging: APLD is rising; although U.S. miners account for 31.5% of global hash rate, most miners are underperforming. Digital Asset Treasury Company (DATS) mNAV is declining: Low volatility is suppressing financing and growth. Additionally, Vaneck noted that as autumn approaches, a significant increase in open options positions could lead to substantial price fluctuations even with slight volatility, as traders hedge. For DAT, prolonged low volatility may limit financing capabilities, further compressing mNAV. Macroeconomic developments and seasonal investor participation may continue Bitcoin's momentum, but could also trigger profit-taking. Nevertheless, we maintain our BTC price target of $180,000 by year-end.
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