1-7-2025 – Bitwise Chief Investment Officer Matt Hougan has reaffirmed the firm’s prediction that Bitcoin will reach $200,000 by the end of 2025, driven by robust institutional demand. In a client report co-authored with Research Director Ryan Rasmussen, Hougan highlighted Bitcoin’s record high of $112,000 in May, fueled by strong exchange-traded fund (ETF) inflows, rising interest from Bitcoin treasury companies, and discussions around a potential U.S. strategic Bitcoin reserve.
However, the report tempered expectations for Ethereum (ETH) and Solana (SOL), which have declined year-to-date. Hougan and Rasmussen attributed the underperformance to macroeconomic uncertainties that have stalled a broader crypto bull market. While Bitcoin benefits from its status as a store of value, Ethereum and Solana face challenges from market volatility and slower ecosystem momentum, according to the analysts.
Bitwise’s outlook reflects a shifting crypto landscape, where institutional adoption continues to bolster Bitcoin’s dominance. The firm noted that U.S. Bitcoin ETFs have seen $9 billion in inflows this year, with projections of $35–40 billion by year-end. Ethereum and Solana, despite their technological strengths, have yet to see similar institutional enthusiasm, raising questions about their near-term growth potential.
Investors should monitor ETF flows and macroeconomic developments, which could influence whether Ethereum and Solana regain momentum in 2026
