To The Moon

Bitcoin surged 3.4% yesterday and extended its rally with a further 1.3% gain today, decisively reclaiming the $95,000 level and marking its highest price in nearly two months.

Spillover effects quickly lifted crypto-related ETFs.The $ProShares Ultra Ether ETF(ETHT)$ jumped over 7.8% overnight and is now up more than 7.9% again in Tiger Brokers’ overnight session.The largest spot Bitcoin ETF, $iShares Bitcoin Trust(IBIT)$ , gained over 3.2% overnight, while $CAM ETH(03046)$ surged more than 6.7%.

On the macro front, data released by the U.S. Bureau of Labor Statistics on Tuesday showed that core consumer price inflation, which excludes the more volatile food and energy components, rose 0.2% month over month in November, while the year-over-year increase stood at 2.6%, matching the lowest level in the past four years.

Against this backdrop, markets have increasingly priced in the possibility that the Federal Reserve could begin cutting interest rates before June this year.

Rate cuts are typically supportive for non-yielding assets such as gold and Bitcoin. So far, gold prices are up more than 0.9%, reaching an intraday high of USD 4,639.8 per ounce and setting a fresh all-time high.

Silver has been even more aggressive, surging over 3.8% today, breaking above the USD 90 level and printing a new record high.

Beyond softer-than-expected U.S. inflation, recent heightened geopolitical tensions have further boosted demand for safe-haven assets such as gold and Bitcoin. Developments including the U.S. arrest of Venezuela’s president, large-scale protests erupting across Iran, and renewed threats to annex Greenland have materially increased global risk aversion.

In addition, regulatory filings submitted on Monday show that $Strategy(MSTR)$ purchased 13,627 bitcoins between January 5 and January 11, spending approximately USD 1.25 billion. This marks the largest single accumulation since July last year.

According to CoinGlass, roughly USD 270 million worth of Bitcoin short positions were liquidated over the past 24 hours. Across the entire cryptocurrency market, total short liquidations reached approximately USD 600 million.

From the perspective of the Bitcoin-to-gold ratio, the current level stands at around 20.6x, well below the peak range of 35–40x, potentially signaling that Bitcoin still has meaningful upside room ahead.

From a historical perspective, Bitcoin has never posted declines for two consecutive years. Last year, however, Bitcoin fell 6.5%, underperforming most major asset classes—setting the stage for a potential rebound year ahead.

Beyond direct purchases of cryptocurrencies, investors may also consider crypto ETFs as an alternative exposure channel.

The largest crypto ETF at present is $iShares Bitcoin Trust(IBIT)$ , with assets under management of approximately USD 73.1 billion. It features a relatively low management fee of 0.25% and is designed to track the spot price of Bitcoin.

The second-largest crypto ETF, $Fidelity Wise Origin Bitcoin Fund(FBTC)$ , is largely comparable to IBIT aside from fund size, sharing the same management fee structure and tracking objective.

The third-largest crypto ETF, $Grayscale Bitcoin Trust(GBTC)$ , is the oldest Bitcoin investment vehicle, established in 2013. At the time, regulators had not yet approved spot Bitcoin ETFs, so GBTC adopted a trust structure to gain exposure indirectly. As a result, its management fee is significantly higher at 1.5%, well above those of IBIT and FBTC.

The fourth-largest crypto ETF is $iShares Ethereum Trust ETF(ETHA)$ , which differs from the three Bitcoin-focused products by tracking Ethereum instead of Bitcoin. Its management fee stands at 0.25%, in line with IBIT.

The fifth-largest crypto ETF, $Bitcoin(BTC.USD.CC)$ , currently manages approximately USD 4.6 billion in assets and charges a management fee of just 0.15%. Its cost advantage makes it more suitable for long-term holding.

For short-term traders, the 2× leveraged Bitcoin ETF, $2x Bitcoin Strategy ETF(BITX)$ , may be an option. With assets of around USD 1.7 billion, it is among the larger leveraged crypto ETFs. However, due to its high management fee of 1.85% and daily leverage rebalancing, it is not suitable for long-term holding or systematic investing.

In the Hong Kong market, the largest crypto ETF is $Pando Bitcoin ETF(02818)$ , with assets of approximately HKD 280 million and a management fee as high as 1%, significantly above those of U.S.-listed crypto ETFs.

Overall, Hong Kong–listed crypto ETFs lag their U.S. counterparts in terms of both scale and cost efficiency, limiting their competitiveness and making them less suitable for most investors.