Standard Chartered said Ethereum (ETH) and the companies holding it in their treasuries remain undervalued, even as the second-largest crypto surged to a record $4,955 on Aug. 25.

Geoffrey Kendrick, the bank’s head of crypto research, said treasury firms and exchange-traded funds have absorbed nearly 5% of all Ethereum in circulation since June. Treasury companies bought 2.6%, while ETFs added 2.3%.

Combined, that 4.9% stake represents one of the fastest accumulation streaks in crypto history, surpassing the speed at which Bitcoin (BTC) treasuries and ETFs acquired 2% of supply in late 2024.

Building toward 10%

Kendrick said the recent buying spree marks the early phase of a broader accumulation cycle. In a July note, he projected that treasury firms could eventually control 10% of all ether outstanding.

Kendrick argued that with companies such as BitMINE publicly targeting 5% ownership, the goal appears attainable. He noted that this would leave another 7.4% of supply still in play, creating strong tailwinds for Ethereum’s price.

The sharp pace of accumulation emphasizes the growing role of institutional structures in crypto markets. Kendrick said the alignment of ETF flows with treasury purchases highlights a feedback loop that could tighten supply further and support higher prices.

Kendrick revised the lender’s previous forecasts and said Ethereum could climb to $7,500 by year-end. He also called the latest pullback a “great entry point” for investors positioning ahead of further inflows.

Valuation gaps

While buying pressure has lifted prices, valuations of ether-holding firms have moved in the opposite direction.

Net asset value (NAV) multiples for SharpLink and BitMINE, the two most established ETH treasury companies, have dropped below those of Strategy, the largest Bitcoin treasury firm.

Kendrick said the discount is unjustified given that ETH treasuries can capture a 3% staking return, while Strategy generates no such income on its Bitcoin stash.

He also pointed to SBET’s recent plan to repurchase shares if its NAV multiple falls below 1.0, saying that creates a hard floor for valuations.

Mentioned in this article

BitMEX co-founder Arthur Hayes is providing his end-of-2025 price targets for the top two crypto assets by market cap.

In a new blog post, Hayes predicts that in less than six months Bitcoin (BTC) will soar by more than 111% its current value, while Ethereum (ETH) will increase by more than 179% its current value.

“My year-end targets:

Bitcoin = $250,000.

Ether = $10,000.”

Hayes also says that Ethereum is primed for an explosive breakout, in part, due to growing adoption by traditional finance, adding that the current holdings of his family office, Maelstrom Fund, are heavily invested in the top altcoin by market cap.

“It’s pretty simple: Maelstrom is fully invested. Because we are degens (degenerates), the shitcoin space offers amazing opportunities to outperform Bitcoin, the crypto reserve asset. The coming Ether bull run is about to tear the market a new a**hole. Ever since Solana rose from the FTX ashes from $7 to $280, Ether has been the most hated large-cap crypto. No more; the Western institutional investor class, whose chief cheerleader is [Fundstrat co-founder] Tom Lee, loves Ether.

Buy first, ask questions later. Or don’t and be that sourpuss in the corner sippin’ on a piss-like tasting light beer at the clerb while a gaggle of humans you rate as less than intelligent burn their money on bubbly water at the table over yonder. This ain’t financial advice, so do you. Maelstrom is doing all things Ethereum, all things DeFi (decentralized finance), all things degen powered by ERC-20 shitcoins.”

Bitcoin is trading for $117,982 at time of writing, down 1.5% in the last 24 hours. Meanwhile, Ethereum is trading for $3,572 at time of writing, down 3.6% on the day.

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Bitcoin is the first cryptocurrency and enjoys popularity as it has the highest market capitalization. The meteoric price rise and dramatic drops of Bitcoin have captured the attention of almost everyone in the world. As of late May 2025, the price of Bitcoin had reached $112,000, an all-time high. The Bitcoin price trajectory has always surprised crypto users as well as the general public.

With unprecedented volatility and the power of blockchain technology, Bitcoin has fuelled speculations about its price in the future. Many investors have also been wondering whether Bitcoin can reach the $200k mark by the end of 2025. With an understanding of the different factors that drive the price of Bitcoin, you can find where its price trajectory will travel in future. 

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History of the Price Volatility of Bitcoin

Before you can learn about the expected and current price trajectory of Bitcoin, you must look at its past. The price history of Bitcoin has been marked by significant price swings, thereby implying that the price can go up or down by huge amounts during volatility. For instance, the price of Bitcoin increased to almost $20,000 after the 2017 Bull Run prior to a prolonged crypto winter. 

The BTC price forecast reached new highs again in 2021 as mainstream adoption and institutional interest started gaining momentum. One of the biggest events in the Bitcoin roadmap, the halving event, took place in 2024 and fuelled optimism in the price trajectory of Bitcoin. As a matter of fact, the recent surge in Bitcoin price beyond $110,000 is believed to be an outcome of the halving event.

The historical patterns in price of Bitcoin showcase that it can achieve unprecedented gains while also being vulnerable to sharp drops. The inherent volatility is a prominent trait in the crypto market, which every investor must recognize. It is important to remember that the past performance of cryptocurrencies is never an assurance for future results. 

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Which Factors Drive the Price of Bitcoin?

The past price performance of cryptocurrencies might not be an indication of how they will perform in future. However, the past price performance of Bitcoin helps in determining the different factors that affect the price of Bitcoin. The following factors can offer a viable impression of the expected price trajectory for Bitcoin.

• The Supply and Demand Equation

Just like any other asset, the value of Bitcoin depends on its supply and demand. In terms of supply, Bitcoin follows a specific boundary with a finite supply. Only 21 million BTC will ever be in circulation, thereby making Bitcoin a highly scarce asset, almost similar to digital gold. The answers to “What is the predicted trajectory for Bitcoin?” also draw attention towards the halving event. The Bitcoin halving event implies that the reward for miners is reduced by half at every four years. Historical trends imply that halving events reduce the arrival of new Bitcoin tokens in circulation, thereby creating a supply shock.

In terms of demand, Bitcoin has been enjoying rising levels of demand due to rising institutional adoption and retail investors. Major financial institutions and corporations are adopting Bitcoin, which brings more legitimacy to the crypto market. Individual investors all over the world have been showcasing their interest in Bitcoin as an investment, a hedge against conventional financial systems and a store of value. 

• Technological Developments

Another prominent factor that has been responsible for fuelling the demand for Bitcoin is the array of technological developments. The robust core technology of Bitcoin has made it one of the renowned crypto assets for users. At the same time, the recent developments in the larger crypto ecosystem create new perceptions about the utility of Bitcoin. The most important technological advancement that will drive interest in Bitcoin is the introduction of scalability solutions like the Lightning Network. The primary objective of scalability solutions revolve around making Bitcoin transactions cheaper and faster, thereby improving its utility.

Other notable technological advancements that will influence the Bitcoin price prediction this year include DeFi and NFTs. With other blockchain protocols embracing DeFi and NFTs, the crypto market may welcome more users and increase Bitcoin adoption. You must also remember that metrics for strength and security of the Bitcoin blockchain play a vital role in improving investor confidence.

The broader economic environment in the world also has a formidable impact on the price trajectory of Bitcoin. First of all, the inflation hedging narrative for Bitcoin has painted it as ‘digital gold’ which can offer refuge to investors when traditional currencies lose purchasing power. On top of it, you cannot ignore the impact of geopolitical events such as conflicts, economic crisis and global instability while determining the value of Bitcoin. For instance, many people will perceive Bitcoin as a safe asset during uncertainty while others might sell it off to ensure safety.

The other critical factors which influence the price trajectory of Bitcoin include interest rates and policies established by central banks. For example, the decisions of the US Federal Reserve on interest rates might have a direct impact on investor behavior. Lower interest rates have historically made riskier assets like Bitcoin appear more attractive. On the contrary, higher interest rates are likely to shift capital towards traditional and safer investments. 

• Market Sentiment and Regulations 

The discussions about price movement of Bitcoin would be incomplete without referring to market sentiment and regulation. Market sentiment or psychology plays a dominant role in financial markets with rapid price surges triggering FOMO. New investors may join in to capitalize on rising price of Bitcoin, thereby escalating the prices. Similarly, negative news or rumors might create fear, uncertainty and doubt, thereby leading to panic among Bitcoin owners. 

The Bitcoin price trajectory chart is extremely vulnerable to the impact of social media and news cycles. Crypto markets are significantly sensitive to social media trends and news, which can amplify positive as well as negative sentiment. Regulations also have the same impact as positive regulations like the approval for Bitcoin spot ETFs encourage institutional adoption. On the contrary, negative regulations like bans or crackdowns might have a negative impact on Bitcoin adoption and price.

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Which Factors indicate that Bitcoin can reach $200k?

As of writing this, the price of Bitcoin hovers above $100,000 even with a drop of 0.75%. Some analysts believe that the $200k mark might be an ambitious goal for Bitcoin pricing by the end of the year 2025. However, there are many factors which indicate that Bitcoin might breach the $200k price limit.

• Continued Growth in Institutional Adoption

The approval for Bitcoin spot ETFs has been one of the major catalysts behind the price growth of Bitcoin in 2025. Sustained institutional demand has helped firms witness significant inflows. Bernstein, an asset management firm, has reported that Bitcoin price will reach the $200,000 mark in 2025 and believe that the prediction is extremely conservative. Why? The analysts at Bernstein report that the growing institutional adoption of Bitcoin alongside the ETF momentum increases institutional inflows. As a matter of fact, the first half of 2025 witnessed more than $4 billion in inflows to Bitcoin and crypto ETFs.

• Impact of the Recent Halving Event 

The direction of the Bitcoin price trajectory in 2025 has been affected by the recent Bitcoin halving event in 2024. You can notice that the price of Bitcoin has experienced significant growth in the 12 to 18 months following a halving event. Every halving event reduces the supply of newly minted Bitcoins, thereby creating scarcity. The fundamental supply-demand imbalance created by the halving event serves as a bullish factor for the market.

• Regulations, Global Environment and Mainstream Adoption

The price trajectory of Bitcoin might cross $200,000 by the end of 2025 due to the impact of regulations, the global economic environment and mainstream adoption. Clear and consistent regulations like the ones in major economies like Europe and the United States will build investor confidence and encourage institutional adoption. The real-world use cases of Bitcoin in payments and cross-border transactions will promote adoption thereby leading to price growth. On top of it, favorable Consumer Price Index or CPI ratings can fuel optimism in the crypto market. 

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Do Experts Believe that Bitcoin Can Reach $200k?

The price predictions in crypto markets have always been uncertain and require healthy skepticism from every investor. Interestingly, many experts, analysts and institutions have drawn bullish BTC price forecast by the end of the year 2025. For instance, Standard Chartered bank has forecasted that Bitcoin might reach $200,000 by the end of 2025 due to growing institutional inflows to ETFs. The most interesting prediction comes from Michael Saylor, who believes that Bitcoin will be worth $1 million in the long run.

Final Thoughts 

The review of the existing crypto market suggests that Bitcoin might achieve the $200,000 mark by the end of 2025. While it is plausible, it is also important to acknowledge the unpredictability of the crypto market. The possibilities of Bitcoin reaching the $200k mark depend on macroeconomic conditions, supply and demand dynamics, mainstream adoption and regulatory landscape for cryptocurrencies. Learn more about Bitcoin and its tokenomics to discover whether it can breach the $200,000 mark.

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!