Bitwise sticks to $200,000 bitcoin forecast for 2025, but tempers ETH and SOL outlook

At the halfway point of the year, Bitwise reiterated its call for BTC to reach $200,000 by the end of 2025, but is less sure about new highs for ETH and SOL being on the cards."It's been a mixed year for crypto asset prices. Bitcoin hit a new all-time high of $112,000 in May thanks to strong ETF flows, growing demand from bitcoin treasury companies, and the creation of a U.S. strategic bitcoin reserve," Bitwise CIO Matt Hougan and Head of Research Ryan Rasmussen said in a Tuesday note to clients, reflecting on a range of predictions the asset manager made for 2025 back in December. "But Ethereum and Solana are down year-to-date, and macro risks have kept the bull market from kicking into overdrive."However, the pair said Bitwise remains optimistic about the prospects for H2 as progress on crypto legislation, growing institutional demand, and stablecoin adoption fuel a strong environment for gains."The Bottom Line: We're holding firm to our BTC $200k prediction, as there is simply too much institutional demand for BTC to keep prices flat for long," Hougan wrote. "We're less confident on ETH and SOL but hope that rising interest in stablecoins, ETF approvals, and the emergence of ETH and SOL treasury companies can drive prices substantially higher."Bitwise's 2025 crypto predictions — some hits, some misses, and a few still in playAmong its other predictions for 2025, Bitwise said its call for Bitcoin ETFs to surpass 2024's $35 billion in net inflows remains alive, with major wealth platforms now opening access that could unlock trillions in capital. Year-to-date inflows currently stand at $13.8 billion, according to data compiled by The Block.With stablecoin assets jumping 30% to $260 billion and tokenized real-world assets nearly doubling to $25 billion, both are also on track to reach Bitwise's respective $400 billion and $50 billion targets — if momentum holds through year-end, the firm said.On the regulatory front, Bitwise scored prediction wins already after the Department of Labor rescinded its crypto restrictions on 401(k) plans, and Coinbase and Strategy secured spots in the S&P 500 and Nasdaq-100, respectively, bringing crypto exposure to nearly every passive U.S. investor. Meanwhile, the crypto IPO boom is unfolding even faster than expected, led by Circle, Webull, and eToro, with Bitwise's prediction of at least five crypto unicorns going public in the U.S. this year "almost guaranteed," Hougan and Rasmussen said.However, not all of Bitwise's bets are paying off. The memecoin mania fizzled in Q1, led by the "spectacular blowout" of TRUMP and MELANIA and the "scandalous implosion" of Argentinian President Javier Milei's LIBRA coin, Hougan acknowledged, making its prediction that tokens launched by AI agents will spearhead a memecoin frenzy even bigger than in 2024 highly unlikely.Bitwise's call that Coinbase will surpass Charles Schwab as the most valuable brokerage in the world, and its stock will top $700, also looks like a stretch for 2025. Finally, its prediction that the number of countries holding bitcoin will double from 9 to 18 seems unlikely too, but could be close after the United Arab Emirates revealed a $400 million bitcoin stash in February, and Pakistan announced the creation of a bitcoin reserve in May, Bitwise said. "It should be an exciting H2," Hougan and Rasmussen added.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.