“The market structure has fundamentally shifted.”
The analyst views exchange-traded funds (ETFs) as a source of more persistent ownership. During a Sept. 1 interview, his assessment of bitcoin’s recovery connected improving sentiment with a short squeeze, providing another component of his argument for a new price cycle.
Bank Lending Expands Bitcoin’s Financing Channels
Diversified miners, corporate treasuries, and more transparent exchanges form other parts of Vieten’s assessment of reduced selling pressures. He points to artificial intelligence and high-performance computing as potential sources of capital for mining businesses. Corporate holders, in his view, have low leverage and capital spending requirements, while on-chain trading platforms provide greater visibility into activity.
Bank lending against ETF shares gives eligible borrowers access to financing secured by bitcoin exposure within conventional financial institutions. JPMorgan’s bitcoin ETF collateral plans were reported in June 2025, and Vieten says major banks, including JPMorgan, now accept Blackrock’s iShares Bitcoin Trust (IBIT) as collateral. Borrowers can pledge fund shares without selling them, extending financing options beyond cryptocurrency platforms.
A similar expectation of expanding bank participation has appeared in comments from Strategy Executive Chairman Michael Saylor. His outlook on bitcoin custody and lending anticipates progress through financial institutions and regulators despite stalled market structure legislation. Vieten likewise considers November’s midterm elections a limited threat to the direction of digital asset policy.
Stablecoin Payments Underpin Bitcoin’s Next Growth Thesis
Wider use of dollar-linked tokens could bring more users and liquidity into blockchain-based finance, potentially increasing demand for other digital assets. Stablecoins aim to maintain a relatively stable value, typically against a currency such as the U.S. dollar. Vieten’s thesis connects greater familiarity with blockchain payments to broader participation in cryptocurrency markets.
The GENIUS Act’s reserve requirements mandate at least one-to-one backing using eligible assets, including cash, deposits, and short-term Treasuries. The law is expected to take effect Jan. 18, 2027. Vieten anticipates expansion will support short-term Treasury demand. The analyst added:
“That’s what takes us to $175k and beyond in the next few quarters.”
Samsung’s upcoming wallet feature illustrates how stablecoin transfers can reach consumers through payment applications already installed on their devices. Its planned USDC functionality in Samsung Wallet is scheduled for the last week of October. The Oct. 7 announcement identifies 82 million U.S. Galaxy devices for availability at launch, with eligible transfers to bank accounts in more than 60 countries.
