Max Keiser Says Bitcoin Path Remains Clear Despite 500X Bigger Derivatives Market
Bitcoin commentator Max Keiser says the asset’s long-term path remains clear even amid short-term volatility from global derivatives markets.
He shared this perspective in a post on X today. He compared Bitcoin’s market environment to a small ship navigating a vast and turbulent ocean of financial derivatives.
Keiser argued that the derivatives market surrounding Bitcoin is so enormous that it dwarfs the asset itself, estimating it to be roughly 500 times larger than BTC’s current valuation. For context, Bitcoin currently holds a market cap of $1.83 trillion. Meanwhile, the global derivatives market exceeds $1 quadrillion in notional value.
Bitcoin Path Is Clear Despite Unpredictable Volatility
Illustrating this scale mismatch, Keiser shared a GIF depicting Bitcoin as a small boat navigating the overwhelming and unpredictable forces of a massive financial ocean. He cautioned that Bitcoin’s volatility remains unpredictable, as the sheer size of the derivatives market can amplify its price swings.
Despite this turbulence, Keiser insists Bitcoin’s price trajectory remains predictable, arguing that it continues to move toward its long-term destination —one that many believe points higher.
Institutions Remain Bullish on BTC Despite Downturn
The commentary comes amid Bitcoin’s ongoing downturn, which pushed the asset down to a multi-month low of $88,526 yesterday. Several factors have contributed to the outcome, with outflows from Bitcoin ETFs standing out as a primary driver.
As reported yesterday, BlackRock’s iShares Bitcoin ETF (IBIT) logged its largest single-day outflow to date by selling $523 million in BTC. While other ETFs are also liquidating BTC at record rates, some institutional investors are increasing their exposure.
Recent regulatory filings show that the Abu Dhabi Investment Council (ADIC) tripled its Bitcoin holdings in the third quarter, boosting its IBIT shares to 8 million, up from 2.4 million.
Moreover, Michael Saylor’s Strategy continued its aggressive accumulation this week, announcing the purchase of more than 8,000 BTC on Monday. Further underscoring institutional conviction, El Salvador added 1,098 BTC to its portfolio, bringing its total holdings to 7,474 BTC.
Can Bitcoin Price Still Reach a New Peak?
Amid rising institutional investments, Cardano founder Charles Hoskinson predicted that Bitcoin would rebound from the current downturn and reach $250,000 next year. This represents an upsurge of 173% from the current price of $91,512.