Core Viewpoint - VanEck CEO Jan Van Eck projects that Bitcoin could reach $180,000 by the end of the bull run, driven by its correlation with global M2 liquidity [1] Group 1: Bitcoin and Global Liquidity - Since 2014, Bitcoin has shown a correlation of approximately 0.5 with total global M2 growth, indicating that changes in fiat currency liquidity significantly influence its long-term returns [2] - Global liquidity across the top five currencies has doubled from $50 trillion to nearly $100 trillion since 2013, during which Bitcoin's price has increased over 700 times [3] - Bitcoin currently comprises about 2% of the global money supply, and owning less than 2% of Bitcoin or other digital assets is viewed as a short position in the asset class [4] Group 2: Futures Market Influence - Nearly 73% of Bitcoin's price variance since October 2020 has been explained by changes in futures open interest, with futures leverage near its 95th percentile as of early October 2025 [5] - Open interest in Bitcoin futures peaked at $52 billion on October 6, 2025, before dropping to $39 billion following a significant price drawdown [5] - The composition of leverage has matured, with increased participation from institutions, miners, and ETF market makers moving towards regulated venues like CME [6] Group 3: Market Dynamics - Recent volatility in the gold market, with a $2.5 trillion market cap correction, is viewed as a natural cooling phase rather than a decline in investor confidence [7]