Bitwise holds $200K Bitcoin target for 2025 but lowers Ethereum and Solana forecasts due to macro uncertainty and slower market momentum.
Bitwise has reiterated its projection of $200,000 for Bitcoin by the end of 2025. Nevertheless, the asset manager has reduced its expectations for Ethereum (ETH) and Solana (SOL) due to ongoing market pressures and weakened price performance.
The company reviewed its December 2024 predictions at the midpoint of the year. ETH and SOL have experienced a decline, while Bitcoin has experienced a surge. Consequently, Bitwise has revised its stance on these assets.
The forecast for Bitcoin to reach $200K remains unchanged
In a note dated July 1, Bitwise Chief Investment Officer Matt Hougan verified the company’s outlook.
“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.
In May 2025, Bitcoin achieved a new all-time peak of $112,000. This was bolstered by establishing a U.S. bitcoin reserve, the expanding interest from corporate treasuries, and strong flows into spot ETFs. Bitwise stated that these trends establish a robust foundation for an additional BTC price increase in the latter half of the year.
Bitcoin ETFs have garnered $13.8 billion in net inflows thus far in 2025, and Bitwise anticipates that inflows will surpass the $35 billion recorded in 2024. More capital is expected to be released from institutional investors and large funds due to the new access provided by major wealth platforms.
ETH and SOL Face Challenges Despite Expanding Markets
Bitwise has adjusted its expectations regarding the prices of ETH and SOL. In 2025, both assets have underperformed, with negative year-to-date returns. Hougan and Head of Research Ryan Rasmussen stated that the momentum for these two assets has been low due to macroeconomic concerns and the delayed adoption by institutions.
According to Bitwise, Ethereum and Solana may continue to experience growth; however, the company is no longer optimistic that either asset will achieve new all-time highs this year. The company anticipates that the second half of the year will be advantageous for ETH and SOL due to the emergence of new use cases, the approval of ETFs, and the increasing activity of stablecoins.
“The emergence of ETH and SOL treasury companies, ETF approvals, and the growing interest in stablecoins have the potential to increase prices significantly,” Hougan observed.
Stablecoins and tokenized assets are progressing toward their 2025 objectives
Bitwise’s prediction that stablecoin assets would double to $400 billion in 2025, similar to Bitcoin, remains valid. The company disclosed that its assets have increased by more than 30% year-to-date, totaling $260 billion. Traditional financial institutions, including JPMorgan and Mastercard, have facilitated growth by incorporating stablecoins into their systems.
Additionally, tokenized real-world assets (RWAs) have nearly doubled in value from $13 billion to $25 billion in 2025. The company anticipates that this momentum will persist, and the $50 billion target for RWAs is still feasible. Nevertheless, Bitwise’s 2025 forecasts were inconsistent. Crypto-friendly policy developments in the United States and the inclusion of significant crypto companies in mainstream indexes are some of the positives. The Department of Labor eliminated the limits on cryptocurrency in retirement funds, and Coinbase was admitted to the S&P 500.
Nevertheless, the anticipated memecoin rally has not materialized, and the previous prediction that Coinbase stock would surmount $700 and become the most valuable brokerage in 2025 now appears to be improbable, despite the recent boom following its public debut last month.
The company’s prediction that nine additional countries would adopt Bitcoin is also unrealised, although it may be near. Pakistan and the United Arab Emirates have both disclosed their bitcoin reserves; however, other nations have refrained from doing so. Bitwise has observed that certain countries may be accumulating without public disclosure.
“We are uncertain whether we will reach 18 this year, but it may be a close call,” Hougan and Rasmussen stated in their update.
