Bitwise is doubling down on its forecast that Bitcoin will hit $200,000 by the end of 2025, even as Ethereum and Solana continue to underperform.
The firm points to strong ETF inflows, rising institutional demand, and increasing stablecoin use as reasons for optimism in the second half of the year.
Bitcoin reached a record high in May, fueled by strategic adoption and treasury accumulation. Meanwhile, other crypto assets have been dragged down by macro pressures, keeping the broader market subdued.
Bitwise says its broader predictions are still in play: ETF flows are near $14 billion this year, stablecoins have surged 30%, and tokenized real-world assets are gaining traction. Regulatory wins—such as crypto exposure in major indexes and the rollback of 401(k) restrictions—have also strengthened the industry’s foundation.
The firm also highlighted progress in the crypto IPO space, with several companies moving toward public listings faster than expected. At least five crypto unicorns are now likely to debut in U.S. markets by year’s end, signaling growing mainstream acceptance of digital assets.
However, not all bets paid off. The memecoin wave fizzled, Coinbase’s valuation ambitions remain out of reach, and the expansion of sovereign Bitcoin holdings may fall short. Still, Bitwise expects a strong finish to 2025, with Bitcoin leading the charge.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is passionate about questions of meaning. He is a fluent German speaker as well as He has been in the crypto space for more than three years and has an eye for spotting emerging trends in the world of digital currencies. Whether providing in-depth analysis or reporting on all topics on a daily basis, his deep understanding and enthusiasm for what he does makes him a valuable addition to the team.