Institutional participation continues to dominate cryptocurrency flows, underscoring growing conviction in a potential fourth-quarter rally for bitcoin. Bitwise Asset Management Chief Investment Officer Matt Hougan told CNBC on Nov. 5 that institutional investors have taken control of market direction, while retail activity remains subdued. He said persistent inflows into spot bitcoin exchange-traded funds (ETFs) confirm that long-duration capital is still entering the market, positioning BTC for a possible breakout before year-end.

Strategy Executive Chairman Michael Saylor recently projected a $150,000 bitcoin target by December—a scenario Hougan considers attainable under current market dynamics. Hougan said:

I actually don’t think Saylor is that far off. I think bitcoin could easily end the year at new all-time highs.

“So that means getting north of about $125K, up to $130K. I think that because we continue to see strong inflows into bitcoin ETFs, and I think you could see some positioning into bitcoin by the end of the year by financial advisors who want to show their clients that they understand where this market is going,” he added. “Whether we’ll get all the way to $150K, we’ll have to see, but I wouldn’t write off that probability. I do think the sellers are nearing exhaustion and the buyers are still relatively hungry.”

Hougan added that as selling pressure weakens and buyer demand stabilizes, the market could reach or exceed prior highs. He further shared:

I think we could end the year close or at new all-time highs. And if we’re lucky, we’ll get to Saylor’s target as well.

According to Hougan, the market structure is evolving into an institutional phase driven by systematic allocation strategies instead of speculative retail momentum. He noted that the rise of ETFs, staking products, and tokenized assets is drawing regulated capital into the sector, potentially creating more sustainable valuation growth. With liquidity deepening and volatility moderating, Hougan believes bitcoin could finish the year near or above its previous record, consistent with broader institutional accumulation trends.

Bitwise’s recent ETF performance reinforces that view. Hougan pointed to the early results of Bitwise’s Solana staking ETF (ticker: BSOL), which became 2025’s fastest-growing ETF across all asset classes. He attributed the inflows to investors seeking regulated exposure to Solana’s ecosystem with the added benefit of staking yields. Calling SOL “one of the most exciting crypto assets,” Hougan cited its expanding role in stablecoin settlements and tokenization efforts, including Western Union’s new stablecoin issued on the Solana network. He said institutional adoption, attractive yield structures, and improving blockchain infrastructure reflect a maturing digital asset landscape, suggesting that staking-based ETFs could become a core component of future portfolio construction.

• Why is institutional demand crucial for bitcoin’s rally?
  Institutional inflows bring stability, deep liquidity, and long-term capital, setting the stage for sustainable growth rather than short-term speculation.
• Can bitcoin realistically reach $150,000 by year-end?
  Analysts suggest it’s possible if ETF inflows remain strong and selling pressure continues to fade, aligning with bullish institutional sentiment.
• What factors are driving institutional investment in bitcoin now?
  The rise of regulated products like ETFs, staking services, and tokenization platforms is attracting disciplined capital from major financial players.
• How could this institutional phase impact long-term crypto prices?
  As professional investors replace retail speculation, bitcoin’s price cycles could stabilize, leading to more consistent and sustained appreciation over time.

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