Bitcoin ETFs approach $110B as analyst calls $200K BTC in 2025

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United States-based spot Bitcoin exchange-traded funds (ETFs) are nearing a significant milestone following record-breaking growth during 2024 as BTC crossed the $100,000 price level.

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The US spot Bitcoin (BTC) ETFs are just 2.2%, or $2.2 billion, away from crossing $110 billion in cumulative holdings, which makes up over 5.7% of the entire Bitcoin supply, Dune data shows.

Bitcoin ETFs, cumulative holdings. Source: Dune

BlackRock, the world’s largest asset manager, dominates the US Bitcoin ETF market. The firm’s iShares Bitcoin Trust ETF holds more than 542,000 BTC, valued at $51.5 billion, accounting for 47.9% of the market share among all US Bitcoin ETFs.

*Bitcoin ETF issuers by holdings and market share. Source: Dune*

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This makes BlackRock’s fund the 34th largest ETF globally, including both cryptocurrency and traditional finance products, according to data from ETF Database.

The Bitcoin ETFs have been a significant part of Bitcoin’s rally toward the $100,000 milestone. The US spot ETFs accounted for about 75% of new investment in Bitcoin, pushing its price past the $50,000 mark by Feb. 15, 2024.

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Bitcoin to $200,000 in 2025?

BlackRock’s Bitcoin ETF is poised to bring more institutional adoption in 2025 thanks to simplifying access for large investors, according to Ryan Lee, chief analyst at Bitget Research.

The new ETF milestone and BlackRock’s growing fund could propel Bitcoin to $200,000 during 2025, the analyst told Cointelegraph:

“Long-term projections suggest sustained growth, with some forecasts placing Bitcoin’s value at $200,000 by 2025.”

“However, the trajectory will be influenced by regulatory developments, market dynamics, and broader economic conditions,” Lee added.

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However, Bitcoin still needs to gain another 4.1% to recover above the $100,000 psychological mark.

*Bitcoin Exchange Liquidation Map. Source: CoinGlass*

Bitcoin price faces significant resistance at $97,600 and $99,000. A potential rally above $99,000 would liquidate over $1 billion worth of leveraged short positions, CoinGlass data shows.