Bitcoin prices are on a torrid pace as of late, putting the largest cryptocurrency on pace to sport a 100% year-to-date gain. Those factors, among others, are renewing calls among bulls for the digital coin to ascend to $100,000.

Flirting with $57,600 as of late Oct. 13, bitcoin clearly has a way to go to get to $100,000. However, that long runway doesn’t diminish the allure of equity-based crypto assets, such as the VanEck Digital Transformation ETF (DAPP). Rather, the case for DAPP is enhanced by the possibility that the king crypto could move to $100,000.

Jurrien Timmer, Fidelity Investments’ director of global macro, points to a supply model and a demand model in making the case for why the digital asset could hit six figures.

“The next and last time those two models intersect is at $100,000 in a couple years,” Timmer said in an interview with CNBC. “My sense is the trajectory is up, and there really is no evidence that this is a bunch of momentum chasers.”

DAPP, which debuted in April and tracks the MVIS Global Digital Assets Equity Index, doesn’t directly own bitcoin (or any other cryptocurrency, for that matter), but the rookie ETF is nonetheless levered to price action in the crypto world. That’s the case because DAPP’s components have tighter correlations to bitcoin than standard technology stocks.

DAPP holdings include Jack Dorsey’s Square (NYSE: SQ), crypto exchange operator Coinbase (NASDAQ: COIN), and bitcoin miner Marathon Digital (NASDAQ: MARA). While those are just three of DAPP’s 25 holdings, the varying industries in which those companies operate are testament to DAPP’s expansive reach into the equity side of the crypto ecosystem.

Adding to the case for both bitcoin and DAPP is the fact that, as Fidelity’s Timmer notes, investors holding bitcoin for three months or less only represent 14% of the marketplace.

“At the top it was about 35%,” Timmer tells CNBC. “This has not been a momentum run fueled by short-term speculators. That gives me some confidence that this is a sustainable move and not a bubble that’s about to burst.”

On a related note, it’s estimated that 22.5% of the bitcoin supply hasn’t moved in five years. While some of that is attributable to owners losing passwords to digital wallets, that percentage also confirms that bitcoin has ardent supporters that are believers in the network and the disruptive nature of crypto. DAPP is up 19.4% over the past 90 days.

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The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.