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It’s becoming increasingly difficult to find reasons to be bearish on Bitcoin’s spot price. However, the options market offers a note of caution, with a continued skew toward puts over calls even as spot continue to make new highs—perhaps signaling a preference for hedging rather than aggressively chasing the rally.

VanEck projects a “medium-term” peak for the crypto market in Q1 2025, placing Bitcoin’s target at $180k, buoyed by sustained bullish sentiment.

Adding to this optimism, the Financial Accounting Standards Board (FASB) has adopted fair value accounting for Bitcoin and other digital assets, allowing companies to reflect fair value gains directly in their net income—a game-changer for corporate treasuries holding BTC.

With a supportive regulatory environment driving the rally, this could spark a cross-asset feedback loop, where firms holding BTC in their treasuries find it easier to raise funds—potentially fueling institutional demand for BTC in a non-linear fashion.