Bitcoin To Hit $200,000 By Year-End, Bitwise's Matt Hougan Maintains

by Khyathi Dalal Benzinga Staff Writer

Zinger Key Points

Bitwise's Matt Hougan forecasts a Bitcoin rally to $200,000 by 2025, fueled by institutional demand vastly outpacing supply.
He sees a rotation cycle forming: capital flows from Bitcoin ETFs into Ethereum, corporate treasuries, and other crypto assets.
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Bitwise Chief Investment Officer Matt Hougan has laid out a compelling bullish thesis for Bitcoin BTC/USD and Ethereum ETH/USD, citing a powerful demand shock as the catalyst for explosive upside over the next 18 months.

What Happened: In a podcast with Scott Melker, Hougan predicts Bitcoin will reach $200,000 by the end of 2025, driven by institutional demand growing 5 to 10 times faster than supply.

He called this surge "a math problem," emphasizing: "When demand is 5x to 10x supply, the price tends to go up. And I think that's the story in crypto right now."

He pointed to rising corporate adoption, such as Strategy MSTR and other treasury allocators, as a key piece of the demand puzzle.

The imbalance is even more pronounced in Ethereum, Hougan noted.

Since mid-May, companies and ETFs have purchased 32x more ETH than has been issued, sparking what he describes as a “demand shock.”

Inflows into ETH ETFs have soared to $4.4 billion this month alone, suggesting the early stages of a major institutional reallocation.

Also Read: Bitcoin, Ethereum, XRP, Dogecoin Under Pressure As Retail Traders Short Ahead Of FOMC

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Why It Matters: Hougan says the next major catalyst could be the integration of crypto into retirement accounts, highlighting Donald Trump's proposal to allow 401(k)s and IRAs to invest in Bitcoin.

"That's $8 trillion in retirement accounts potentially gaining exposure to Bitcoin," Hougan said. "It's like a government-mandated DCA, 20 million Americans putting 2.5% of their wealth into BTC regularly."

This growing infrastructure is also triggering what Hougan calls an "altcoin season in TradFi", where investors rotate profits from Bitcoin ETFs into Ethereum, crypto-treasury firms, and other digital assets.

ARK Invest recently showcased this trend, selling off Coinbase COIN stock to buy shares in Tom Lee's Bitcoin treasury company.

Bitwise also sees yield generation on Bitcoin holdings as the most in-demand service among its institutional clients, further evidence of maturing market dynamics.

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