Bitwise Maintains $200k Bitcoin Prediction, Lowers ETH and SOL Targets

Bitwise has reaffirmed its year-end 2025 forecast of $200,000 for Bitcoin. However, the asset manager has lowered expectations for Ethereum (ETH) and Solana (SOL) due to weaker price performance and ongoing market pressures.

At mid-year, the company reviewed its December 2024 predictions. While Bitcoin has surged, ETH and SOL have seen a decline, leading Bitwise to revise its stance on those assets.

Bitcoin Forecast to $200K Remains Unchanged

Bitwise Chief Investment Officer Matt Hougan confirmed the firm’s outlook in a July 1 note.

“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.

Bitcoin reached a new all-time high of $112,000 in May 2025. This was supported by strong flows into spot ETFs, increasing interest from corporate treasuries, and the establishment of a U.S. bitcoin reserve. Bitwise said these trends are building a strong base for further BTC price rally in the second half of the year.

So far in 2025, Bitcoin ETFs have attracted $13.8 billion in net inflows, and Bitwise still expects inflows to surpass 2024’s $35 billion. New access from major wealth platforms is expected to unlock more capital from institutional investors and large funds.

ETH and SOL Struggle Despite Broader Market Developments

Bitwise has tempered its expectations for ETH and SOL prices. Both assets have underperformed in 2025, with negative year-to-date returns. Hougan and Head of Research Ryan Rasmussen said macroeconomic concerns and slow adoption by institutions have kept momentum low for these two assets.

Ethereum and Solana may still see growth, according to Bitwise, but the company is no longer confident that either asset will hit new all-time highs this year. The firm hopes that new use cases, ETF approvals, and growing stablecoin activity could help ETH and SOL in the second half.

“Rising interest in stablecoins, ETF approvals, and the emergence of ETH and SOL treasury companies can drive prices substantially higher,” Hougan noted.

Stablecoins and Tokenized Assets On Track Toward 2025 Goals

Like Bitcoin, Bitwise’s prediction that stablecoin assets would double to $400 billion in 2025 is still in play. The firm reported that assets have grown over 30% year-to-date, reaching $260 billion. Growth has been supported by traditional financial players like Mastercard and JPMorgan, who are integrating stablecoins into their systems.

Tokenized real-world assets (RWAs) have also nearly doubled in 2025, from $13 billion to $25 billion. The firm expects this momentum to continue and the $50 billion target for RWAs remains achievable. However, according to Bitwise, its 2025 forecasts were inconsistent. Some positives are crypto-friendly policy developments in the U.S. and large crypto companies joining mainstream indexes. The Department of Labor removed the limits on crypto in retirement funds and Coinbase entered the S&P 500.

However, not all predictions have been met after the expected memecoin rally failed and its belief that Coinbase stock would surpass $700 and become the most valuable brokerage now appears unlikely for 2025 despite its recent boom after going public last month.

The firm’s forecast that nine more countries would adopt Bitcoin is also falling short, though it may come close. The United Arab Emirates and Pakistan both announced bitcoin reserves, but others have remained silent. Bitwise noted that some countries may be accumulating without public disclosure.

“We’re not quite sure we’ll get to 18 this year, but it could be close,” Hougan and Rasmussen said in their update.