- Bitwise has reiterated its forecast that Bitcoin will reach $200,000 by the end of the year.
- Bitwise said several of its December 2024–2025 forecasts remain on track.
- The firm is less confident about outlooks for Ethereum and Solana, which have underperformed this year.
In mid-2025, digital asset manager Bitwise reiterated its call that Bitcoin could hit $200,000 by year-end, citing rising institutional interest and a supportive regulatory environment.
However, the firm expressed less certainty about the prospects for Ethereum and Solana, both of which have lagged in performance this year.
In a client note published Tuesday, Bitwise Chief Investment Officer Matt Hougan and Head of Research Ryan Rasmussen reviewed the company’s projections for 2025, offering a mixed assessment of the cryptocurrency market’s momentum so far this year.
Bitcoin Holds Strong, ETH and SOL Fall Behind
“It has been a mixed year for crypto asset prices,” Hougan and Rasmussen wrote.
“Bitcoin reached a new all-time high of $112,000 in May thanks to strong ETF inflows, rising demand from corporate treasuries and the establishment of strategic Bitcoin reserves in the U.S.”
Bitcoin’s gains stand in sharp contrast to Ethereum and Solana, both of which have fallen since the start of the year.
Bitwise attributes this divergence to broader macroeconomic risks and uneven investor appetite across tokens.
Despite that, Bitwise remains optimistic about the second half of the year.
“We are sticking with our $200k BTC forecast because institutional demand for BTC is simply too large for prices to remain flat for long,” Hougan said.
He added that while the firm is “less confident on ETH and SOL,” events such as ETF approvals, growing interest in stablecoins and the emergence of ETH and SOL corporate treasuries could still drive upside.
Bitwise’s Crypto Forecasts for 2025
Bitwise said several of its December 2024–2025 forecasts remain on track.
The firm’s expectation that Bitcoin ETF inflows will exceed last year’s $35 billion remains plausible, especially as access to these products expands across major wealth platforms.
Bitwise also noted the realization of two of its regulatory predictions: the U.S. Department of Labor removed restrictions on cryptocurrency investments within 401(k) plans, and both Coinbase and Strategy (formerly MicroStrategy) secured placements on the S&P 500 and Nasdaq-100 respectively.
Those moves have broadened crypto exposure to a larger investor base via passive, index-tracking funds.
Meanwhile, Bitwise said its forecast that at least five crypto unicorns would list in the U.S. in 2025 now looks nearly certain, with companies such as Circle, Webull and eToro leading an IPO wave that’s moved faster than expected.
Not every call has paid off. Bitwise acknowledged that its prediction of a surge in meme coins—led by AI-generated tokens—did not materialize.
The meme-coin mania faded in the first quarter, Hougan said, highlighting the rapid collapse of politically themed tokens such as TRUMP and MELANIA, and LIBRA, a coin tied to Argentine president Javier Milei.
Additionally, Bitwise’s forecast that Coinbase would surpass Charles Schwab in market capitalization and reach a share price of $700 is now viewed as increasingly unlikely for 2025.
Its projection that the number of countries holding Bitcoin in reserves would double—from nine to 18—also appears ambitious, though the firm noted recent disclosures by the United Arab Emirates and Pakistan have moved the needle.