“Bitcoin could reach $200,000 by the end of next year,” analysts at research and brokerage firm Bernstein predicted. This forecast follows strong inflows into U.S. spot Bitcoin ETFs since their approval in January. Previously, Bernstein had forecasted a Bitcoin price of $150,000.

Analysts believe that spot Bitcoin ETFs will account for about 7% of the total circulating Bitcoin supply by the end of 2025. “We see Bitcoin ETFs on the cusp of approvals at major financial institutions and large private banking platforms in the third and fourth quarters,” wrote Bernstein analysts Gautam Chhugani and Mahika Sapra.

They describe the institutional trade as a “Trojan horse” for Bitcoin adoption, with institutional investors currently evaluating long positions. Currently, nearly 80% of spot Bitcoin ETF flows come from retail investors through broker platforms, while institutional integration with major financial institutions is still in its early stages.

According to Bernstein, combined ETFs have already attracted about $15 billion in net new flows. Analysts expect Bitcoin ETFs to represent about 7% of Bitcoin in circulation by 2025 and about 15% by 2033. They forecast that spot Bitcoin ETFs will reach about $190 billion in assets under management by the market peak in 2025 and $3 trillion by 2033.