#BitwiseBitcoinETF

An Oct. 25 report from cryptocurrency exchange Binance found that nearly 80% of demand for the spot $BTC ETFs had come from retail, not institutions.

However, industry analysts such as Bitwise’s chief investment officer Matt Hougan expect to see more institutional involvement in 2025 when more clearinghouses for spot Bitcoin ETF trading come online.

It is one of the catalysts behind Bitwise’s bullish $200,000 $BTC price estimate for 2025, while VanEck expects Bitcoin to top $180,000.

Ether ETFs end on a strong note

The spot Ether (ETH) ETFs closed 2024 with a total of $2.68 billion in net inflows since the Ethereum products launched on July 23, according to Farside Investors.

Excluding outflows from the converted Grayscale Ethereum Trust ETF (ETHE) would bump that figure up to $6.29 billion.

BlackRock’s iShares Ethereum Trust ETF (ETHA) and the Fidelity Ethereum Fund (FETH) lead net inflows at $3.52 billion and $1.56 billion.

The low-fee Grayscale Ethereum Mini Trust ETF (ETH) finished with the third most net inflows at $608.1 million, while the Bitwise Ethereum ETF (ETHW) recently passed the $400 million milestone.

Data, Ethereum ETF, Bitcoin ETF, BlackRock

Spot Bitcoin ETF flow data from Dec. 19 to Dec. 27. Source: Farside Investors

While ETH has underperformed Bitcoin and Solana (SOL) in 2024, Bitwise expects it to bounce back in 2025 and hit a high of $7,000.

Hougan and Bitwise’s Bitcoin research head Ryan Rasmussen attributed the estimated rise to increased activity on Ethereum layer 2s, more spot Ether ETF flows and “massive growth” in stablecoins and real-world asset tokenization.