Miles Deutscher (631,000 followers on X) believes the crypto market is approaching a confluence of catalysts it has never enjoyed at this scale. In a thread posted on X in the early hours of August 12, the analyst wrote, “The stage is set for crypto’s biggest bull run ever,” arguing that the industry is facing “a bullish set of tailwinds/rate of change” unmatched in prior cycles. He then laid out ten drivers—spanning spot ETF demand, retirement-account access, stablecoin policy, political signaling, institutional adoption and market structure—that, taken together, form a cohesive case for another leg higher.
Deutscher’s starting point is hard flows. He notes that US spot Bitcoin and Ethereum ETFs have amassed “$17B net over the last 60 days (> $11B in July alone).” Whether measured against the asset class’s historical market depth or the post-launch settling period for the new Ether funds, those figures imply that passive, rules-based demand is still expanding rather than plateauing. In his framing, this is “bidding on an unprecedented scale,” the sort of sustained, price-insensitive intake that tends to reset valuation anchors and absorbs episodic selling.
The same post posits that “IBIT could grow 3.1× to $272 billion” and “ETHA could grow 3.3× to $37 billion,” using BlackRock’s footprint in 401(k) assets as a proxy for potential uptake. The precise pace will hinge on plan-by-plan approvals and compliance plumbing, but the directionality—retirement wrappers as a mainstream bridge—is clear in Deutscher’s thesis.
Regulatory clarity for the transactional layer is his third pillar. “The genius act was approved,” he wrote, arguing that the measure provides more certainty around stablecoins and “opens up the floodgates for blockchain/stablecoin adoption.” He pairs that claim with a datapoint on the monetary base of the crypto economy itself: “Stablecoins just hit a fresh ATH (> $280B cap), 22 months up straight.”
In other words, not only is policy becoming more permissive for dollar-on-chain infrastructure, but the float of tokenized dollars and near-dollars—an essential conduit for liquidity, market-making and cross-border transfers—has been expanding for almost two years without interruption. For Deutscher, those two facts rhyme: clearer rules plus a growing dollar stack create the conditions for higher throughput and, ultimately, risk appetite downstream.
Momentum and market behavior fill out the tactical half of his list. He points to Ethereum reclaiming $4,000—a multi-year level that, in his view, “gives it real momentum to push back toward (and beyond) its 2021 ATH.” He also argues that both majors have shown resilience—“BTC & ETH refuse to break down, even with heavy FUD”—which he reads as evidence of “seller exhaustion” meeting “sticky demand.”
In contrast to late 2024, when he argues liquidity was “concentrated in the ‘trenches’—creating a less sustainable setup,” the current structure favors a strong, durable majors trend first, with healthier conditions “for an alt rotation to happen later.” Overall, Deutscher is describing a market where depth and settlement rails have thickened at the top, reducing slippage and volatility while the bid forms, before breadth expands.
In his words, “The stage is set,” and if the catalysts he enumerates continue to materialize in tandem, he believes the next “explosive price move” has already begun to load.
At press time, the total crypto market cap stood at $3.93 trillion.
