Bitwise’s Head of Research recently shared a mid-year update on the firm’s 2025 price predictions for Bitcoin, Ethereum, and Solana.
At the start of the year, Bitwise shared bold targets for these top cryptocurrencies, expecting a strong market rally. Now, six months later, the expert returned to discuss what’s changed, what’s holding steady, and how the current market conditions have impacted those forecasts.
On the Milkroad podcast, Ryan Rasmussen said that while the price predictions are never exact, the firm is still confident about Bitcoin reaching $200,000. “We’re holding strong on Bitcoin,” he confirmed.
However, Bitwise has revised its earlier targets for Ethereum and Solana. The firm had previously predicted $7,000 for Ethereum, but now expects it to reach its previous all-time high of just over $4,500 by year-end.
Related: Ethereum Is Becoming the ‘Master Ledger’ for Finance, Says Co-Founder Joseph Lubin
Source: TradingView
Solana, which was expected to go higher as well, is now predicted to hit its past record of around $250. Rasmussen explained that slower retail interest, uncertain markets, and global issues like trade tensions have delayed the expected rally.
Related: Solana and BNB Under Pressure in a Market That’s Only Rewarding Bitcoin
Despite lowering short-term targets, Rasmussen believes the bigger bull run isn’t over. He said the market cycle could stretch into early 2026, with Bitcoin, Ethereum, and Solana likely hitting new highs then. He added that while recent events slowed crypto’s momentum, long-term confidence in these top assets remains strong.
Bitcoin ETF Inflows Remain a Key Factor
Bitcoin is increasingly being compared to gold by traditional investors and institutions, something that wasn’t common before. Many of these big players can’t buy spot Bitcoin directly, so they turn to ETFs for exposure.
Source: RyanRasmussen
Last year, Bitcoin ETFs in the U.S. saw a record $35 billion in inflows, seven times higher than the previous record. So far in 2025, around $9 billion has flowed into Bitcoin ETFs. While the pace is slower than last year, Bitwise believes there’s still a lot of untapped demand and they expect total inflows for the year to reach between $35 and $40 billion.
Additionally, at the start of the year, nine countries were known to hold Bitcoin as part of their national reserves or sovereign wealth funds. Now, that number has increased to 11. Bitwise believes more governments will join the list by the end of the year, though it might not double as first predicted. He expects about 15 countries could hold Bitcoin by the end of 2025.
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