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Are bitcoin ETFs headed for another stellar year? Bitwise Asset Management answers with an emphatic yes in its recently published list of crypto predictions for 2025.

Not only is the crypto index fund manager bullish on bitcoin exchange-traded funds, but they also predict that the coming year will “usher in the golden age of crypto,” in a report published Tuesday.

Bitwise’s bullishness is centered around what it calls “crypto’s magnificent three”—Bitcoin, Ethereum, and Solana—all of which crushed the returns of the S&P 500 in 2024. The company’s 2025 price targets for the respective platforms’ native currencies are $200,000 for BTC, $7,000 for ETH, and $750 for SOL. These predictions represent roughly a doubling in price for the top cryptocurrencies.

Among the many potential catalysts Bitwise cites for crypto’s growth in 2025 include institutional and corporate investment, wirehouse approvals, improved regulatory climate, tight supply due to bitcoin halving, and upsized portfolio allocations.

Potential headwinds include disappointment from D.C., selling by governments, Meme coin mania failure, and disappointing rate cuts.

Bitcoin ETF Prediction: How 2025 Flows Can Surpass 2024’s

January’s launch of 11 new spot bitcoin ETFs became the most successful ETF launch in history. How can 2025 surpass that success? The record-setting flows into spot bitcoin ETFs have created a powerful momentum compounded by a reduction of new supply thanks to the halving event in April and Trump’s decisive election win in November.

Here’s why Bitwise doesn’t see the bitcoin ETF momentum slowing in 2025:

Whether these predictions come true, Bitwise has built a strong case for bitcoin ETFs and other crypto-related funds have real growth potential. The only question is how big they will get and what the path looks like on the way there.