Bitwise Predicts Bitcoin to Reach $200,000 by 2025 End, Cites Strong ETF Flows

On June 30, 2025, Bitwise, a prominent asset management company, released its Mid-Year Scorecard document. This report includes predictions for the second half of the year and an analysis of the accuracy of their forecasts for the first half of 2025, which were made in December 2024. According to Bitwise, the price of Bitcoin is expected to reach $200,000 by the end of 2025. However, the document notes that while Bitcoin has already surpassed its previous all-time high, it has not yet reached the $200,000 mark, currently standing at $112,000 in May. The reasons cited for Bitcoin's growth include strong ETF flows, significant Bitcoin purchases by treasury companies, and the establishment of the U.S. Bitcoin stockpile. Bitwise remains optimistic about Bitcoin's future, attributing this optimism to the pro-crypto efforts of the Trump Administration 2.0, high institutional demand, and the rise of stablecoins.

In contrast, Bitwise has revised its expectations for Ether (ETH) and Solana (SOL). Initially, they predicted that both cryptocurrencies would reach new all-time highs in 2025. However, they now express less confidence in this prediction, citing the lack of stablecoin ETF approvals and the absence of SOL and ETH treasury companies as factors contributing to their revised outlook.

Bitwise also predicted that 2025 would see higher Bitcoin ETF inflows compared to 2024. While 2024 saw $35 billion in Bitcoin ETF inflows, this year has only seen $13 billion. Despite this, Bitwise maintains that their prediction was correct, as the number of platforms supporting Bitcoin ETFs continues to grow. Additionally, Bitwise confirms their belief that the value of tokenized real-world assets, such as real estate, will exceed $50 billion this year. During the first half of 2025, this value increased from $13 billion to $25 billion.

In December 2024, Bitwise predicted that the number of countries holding Bitcoin would double, from nine to 18. Although this did not occur, Bitwise believes that Bitcoin accumulation by countries is happening in secret and that the trend of Bitcoin reserves will continue. Furthermore, Bitwise initially forecasted that the stablecoins’ assets under management (AUM) would reach $400 billion in 2025. They now believe this figure was too high but expect the actual amount to be close, driven by the adoption of the GENIUS act and Mastercard's stablecoin boost with its 150 million merchants globally.

Bitwise acknowledged errors in some of their predictions. They admitted that their bet on Coinbase outperforming Charles Schwab as the most valuable brokerage in 2025 was incorrect. However, they were correct in predicting that Coinbase would enter the S&P 500 in 2025. Additionally, Bitwise recognized that their prediction of continued AI memecoin mania in 2025 was mistaken, as the downfall of certain memecoins has led to a temporary pause in the craze.

Despite citing pro-crypto efforts in the U.S. as a factor driving Bitcoin's price, the path has been challenging. Crypto lobbyists in the administration failed to push crypto-friendly amendments to the tax bill, and a fierce battle between Republicans and Democrats surrounded efforts to set a framework for stablecoin regulation. The creation of the Strategic Bitcoin reserve has also been disappointing, as new purchases of bitcoins via budget money are forbidden, and the government has not provided results of the audit of seized bitcoins, leaving the public in doubt about the reserve's actual holdings.