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Research and brokerage firm Bernstein remains optimistic about the future of the cryptocurrency market despite the recent slowdown in spot bitcoin exchange-traded fund (ETFs) flows.
What Happened: In a recent research note, Bernstein analysts Gautam Chhugani and Mahika Sapra suggested that the Bitcoin lull is temporary. They expect an upward trajectory, with Bitcoin potentially reaching a $150,000 price target by the end of 2025, The Block reported.
The integration of Bitcoin ETFs into mainstream financial platforms, such as private banks, wealth advisors and brokerages, will require time, they say. These institutions develop the necessary compliance frameworks.
Chhugani and Sapra also point to the impressive $12 billion in net inflows since the launch of spot bitcoin ETFs and the robust performance of leading Bitcoin miners post-halving as indicators of the market’s underlying strength.
Ethereum ETFs: The analysts predict that if the U.S. Securities and Exchange Commission (SEC) denies spot Ethereum ETFs, it would likely be overturned in court.
They drew parallels to the Grayscale Bitcoin ETF case and cited the inconsistent correlation between spot and futures markets.
If the SEC were to deny on the basis of ether being classified as a security, it would create a conflicting situation with the Commodity Futures Trading Commission (CFTC), which views ether as a commodity.
In either scenario, the analysts suggest that an SEC denial could shift the market focus back to ether, which they believe offers an appealing risk-reward profile given its recent underperformance relative to bitcoin. This renewed attention could also benefit “ETH-beta” Layer-2 tokens, such as Arbitrum (CRYPTO: ARB), Optimism (CRYPTO: OP), and Polygon (CRYPTO: MATIC).
The Bernstein analysts also highlighted the growth potential of various other crypto niches and projects. They noted Solana‘s (CRYPTO: SOL) strong position in crypto payments, the expanding influence of DeFi platforms like Uniswap (CRYPTO: UNI), GMX (CRYPTO: GMX), and Synthetix (CRYPTO: SNX), and the real-world asset market.
In conclusion, Chhugani and Sapra reaffirmed their projection that the total crypto market cap will surge to $7.5 trillion within the next 18 to 24 months, even amid the current market consolidation. The analysts remain optimistic about the long-term prospects of the asset class and its capacity to transform traditional financial structures.
What’s Next: These topics are expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Bitcoin And Ethereum Take Center Stage According To Coinbase Q2 Crypto Market Guide
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
