Bitcoin News Today: Institutional Bullishness and Mining Shifts Fuel VanEck’s $180K Bitcoin Bet

VanEck, a major player in digital asset investment, has reaffirmed its forecast that Bitcoin (BTC) will reach $180,000 by the end of 2025. This projection remains unchanged despite recent market fluctuations and evolving on-chain and institutional dynamics. The firm’s analysis, detailed in its Mid-August 2025 Bitcoin ChainCheck, underscores Bitcoin’s robust performance, with the cryptocurrency hitting an all-time high of $124,000 in early August. At the time, 92% of on-chain holdings were still in profit, a sign of sustained bullish momentum. VanEck attributes this strength to a combination of speculative appetite and strong institutional flows, particularly through Exchange-Traded Products (ETPs) and Digital Asset Treasuries (DATs), which collectively added 126,000 BTC to the market in July [1].

Market indicators also suggest a shift in momentum. Bitcoin’s dominance within the digital asset space temporarily dipped from 64.5% in early July to 59.7% by mid-August, as Ethereum gained traction. However, the broader network activity remained resilient, with monthly network transactions surging 26% to 12.9 million, the highest since November 2024 [1]. Additionally, options markets demonstrated strong bullish positioning, with a call/put ratio of 3.21x—the highest since June 2024. Despite this, implied volatility dropped to 32%, well below its one-year average, compressing option prices and suggesting a market less susceptible to sharp swings [1].

The mining landscape showed signs of structural evolution. The global Bitcoin hashrate hit a record 902 exahashes per second (EH/s) in August, up 47% year-on-year, while the revenue per EH/s climbed to $59.4K, the highest since December 2024. U.S. miners’ share of the global hashrate increased to 31.5%, a record high and a sign of growing domestic influence in Bitcoin’s infrastructure. TeraWulf (WULF), a U.S.-listed miner, secured a partnership with Fluidstack backed by Google, aiming to integrate 200MW of AI load by the end of 2026 [1]. This development highlights a broader trend of miners diversifying into AI and high-performance computing (HPC) workloads, which could redefine their value proposition beyond traditional mining.

Institutional demand for Bitcoin continues to strengthen, with public treasuries holding 951,000 BTC. VanEck notes that MicroStrategy (MSTR) and other firms have inspired a new wave of DAT entrants aiming to replicate MSTR’s equity premium. However, mNAV (modified Net Asset Value) for key DATs such as MSTR, MTPLF, and SMLR declined in July, with MSTR’s mNAV falling 16% from June levels. The compression of mNAV is attributed to muted Bitcoin volatility, which limits the ability of DATs to raise capital through convertible debt and equity issuance [1]. VanEck warns that a prolonged low-volatility environment could exacerbate mNAV compression, affecting future capital-raising efforts for DATs.

Despite these challenges, VanEck remains confident in its year-end price target for Bitcoin. The firm acknowledges potential risks, including the possibility of volatility spikes if large options positions trigger amplified price swings through dealer hedging. Additionally, operational execution and the integration of AI/HPC workloads among miners could lead to performance dispersion. Macroeconomic developments, particularly the U.S. Federal Reserve’s policy outlook, are also highlighted as key variables that could extend Bitcoin’s momentum or prompt profit-taking. Nevertheless, VanEck emphasizes that the confluence of strong institutional and corporate interest, combined with favorable market fundamentals, continues to support the $180,000 price projection [2].

Source: [1] VanEck Mid-August 2025 Bitcoin ChainCheck (https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vaneck-mid-august-2025-bitcoin-chaincheck/) [2] VanEck Predicts Bitcoin to Hit $180000 by End of 2025 (https://bitbo.io/news/vaneck-bitcoin-180k-prediction/) [3] VanEck Reiterates Bitcoin Target of $180k Before End ... (https://coinpedia.org/price-analysis/vaneck-reiterates-bitcoin-target-of-180k-before-end-of-2025/) [4] Bitcoin, ethereum slip as crypto markets pull back after hitting ... (https://finance.yahoo.com/news/bitcoin-ethereum-slip-as-crypto-markets-pull-back-after-hitting-2025-highs-155818704.html) [5] Bitcoin, Ether set for squeeze as traders go record short ... (https://cointelegraph.com/news/bitcoin-ether-eye-short-squeeze-as-traders-build-largest-ever-eth-short)