In a pre-Thanksgiving crypto feast, Bitcoin rocketed above $97,000 overnight, whetting the appetites of bulls hoping to carve into a $100,000 BTC over the holiday weekend. The alpha crypto’s 3.3% gain in 24 hours spread across the market, with Ethereum surging 7% to outperform.
The holiday spike carried echoes of past Thanksgiving surprises. Seasoned traders recall Bitcoin’s infamous Black Friday dump just two years ago, which took the leading cryptocurrency down nearly 20%.
But with ETH leading the large cap pack this time around, some sense a different sort of stuffing in store. On-chain data reveals an increase in activity on Ethereum, with rising volumes, new addresses, and revenue signaling heightened trader anticipation.
Ethereum Futures Foreshadow Volatility
Futures markets are glowing hot with increased open interest in ETH derivatives. According to CoinDesk research, perpetual and standard futures contracts on Ethereum have swelled to an all-time high of 6.32 million ETH, valued at over $27 billion.
Traders appear to be positioning for price swings on the second-largest crypto asset. The elevated futures activity coincides with broader signs of life across the Ethereum economy.
DeFi tokens like Aave (AAVE) and Uniswap (UNI) jumped 9% on the day, while memecoins Pepe (PEPE) and Mog (MOG) hopped more than 8%. The moves reflect the tendency of smaller assets to amplify Ethereum’s momentum as beta bets.
Bessent Bounce Boosts Bitcoin
The Ethereum surge played out against a backdrop of broader bullishness, with optimism radiating from the American political transition. According to QCP Capital, the nomination of macro investor Scott Bessent as the next Treasury Secretary buoyed animal spirits.
Wall Street achieved record highs after President-elect Trump nominated Scott Bessent as Treasury Secretary, lifting market sentiment. Bessent’s market-friendly approach and potential willingness to moderate Trump’s tariff policies fueled optimism, driving a broad rally across markets, with risky assets leading the charge.
– QCP Capital
Bessent, who leads hedge fund Key Square Group, made waves earlier this year for his vocal support of cryptocurrencies. The former Soros Fund Management star called crypto “all about freedom” and predicted the digital economy was “here to stay” in a July interview.
Holiday Volatility on the Horizon
With Bitcoin tantalizingly close to six figures and Ethereum leading a market-wide push, the stage appears set for a lively Thanksgiving week. Whether the rally holds or reverses remains to be seen, but volatility seems all but assured. As one investor put it: in crypto, expect the unexpected – especially on holidays.
