🐝 Institutional demand for Bitcoin is buzzing

The ongoing wave of institutional demand for Bitcoin is building up in momentum, which could bring the BTC price to new record highs in the coming weeks.

In particular, there are growing indications that the US government could soon enter the Bitcoin market actively:

According to Galaxy analyst Alex Thorn, it is indeed "very likely" that an official strategic BTC reserve will be announced in 2025. President Trump signed an executive order to this effect back in the spring. Draft legislation and government talks indicate that it is becoming increasingly concrete.

The market is also sending bullish signals: analysts point to the CME futures gap that will close at $117,000 and see all-time highs within reach. The trader BitBull speaks of "extremely strong momentum" with a possible breakout in 2-3 weeks.

The co-founder of Material Indicators Keith Alan supports this by emphasizing the continuously high demand for Bitcoin ETFs, as $2.3 billion have flowed into those funds within five days alone last week.

Wall Street veteran Jordi Visser expects institutional allocations into Bitcoin to increase significantly by the end of the year, both tactically and strategically. The value of BTC held by listed companies has also reached an all-time high of over $117 billion. And according to Visser, this is "just the beginning".

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📈 Stablecoin market hits $300 billion

According to CoinMarketCap, the stablecoin market has now exceeded the $300 billion mark for the first time.

Although this number varies quite a lot on different platforms depending on the calculation method, the market is undoubtedly growing rapidly, driven by USDT, USDC and new yield stablecoins such as USDe.

Last week, Tether also announced that it would expand into the regulated US market with a new stablecoin under the name USAT. Bo Hines, a former Trump advisor, is taking the lead of the project, which will be fully compliant with the new GENIUS law.

The political dimension is unmistakable: stablecoins are seen as a geopolitical instrument for securing dollar supremacy, a narrative that is also attracting increasing attention in other regions like China and Russia.

Stablecoins are on their way to becoming the digital base currency of the 21st century, and their race follows the rules of global monetary policy: who regulates controls. The tokens themselves are becoming increasingly interchangeable, as the debate about "tickerlessness" shows. What counts is access, integrity and geopolitical embedding. The USAT project shows the extent to which regulation, infrastructure and power politics are now overlapping. Users caring about sovereignty will need to pay attention in their choice.

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💰 BTC vs ETH treasury strategies

More and more companies and governments are including cryptocurrencies in their treasury strategies. While Bitcoin is established as digital gold, Ethereum is becoming increasingly important thanks to its staking returns and DeFi integration. The strategies used differ fundamentally, with some surprising shifts.

Bitcoin remains the preferred reserve currency of course, as more than 1 million bitcoins are held in corporate and government treasuries, including the USA with the "Strategic Bitcoin Reserve" created this year.

High liquidity, global acceptance and limited supply are advantages that make Bitcoin the favorite for capital preservation, despite its volatile nature.

ETH on the other hand is used as a productive counterpart: it is not only held as a store of value, but is increasingly used for staking with its 3-5% returns per year.

Integration into DeFi ecosystems, asset tokenization and new ETF structures are strengthening Ethereum as an active treasury asset. With 4.91 million ETH ($21.28 billion) in institutional hands, ETH is on the rise among companies. The combination of earning potential, programmability and growing ecosystem makes Ethereum attractive, despite regulatory uncertainty.

Galaxy CEO Mike Novogratz speaks of a "consolidation phase" for Bitcoin, notably because companies are increasingly adopting altcoins. Bitmine, but also Forward Industries with its Solana offensive, are examples of this new openness to altcoins.

At the same time, Nakamoto CEO David Bailey warns of a "diluted treasury narrative" if risky altcoins are included in treasuries for short-term motives.

Key institutional actors like the US and Bitmine are now pursuing dual treasury models, with both BTC and ETH being included in reserves. While Bitcoin offers stability, Ethereum brings returns and innovation. The decision between the two depends on the objective: BTC will be the choice for those looking for capital preservation, while ETH will provide growth and returns. The combination of both should therefore have bright days ahead.

The rise of Ethereum in treasury portfolios is no coincidence, it reflects the structural change in the crypto market. However, the temptation to engage in "yield chasing" with high-risk altcoins is jeopardizing long-term reserve strategies. A sound treasury policy needs more than a narrative: it needs discipline, selection and a clear objective. Precisely what some multi-asset models currently lack.

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🧠 Grasping the Bitcoin endgame

BitMEX co-founder Arthur Hayes criticizes the short-sighted mindset of many new Bitcoin investors who hope for quick gains and ignore the fundamental principles of the asset.

According to Hayes, Bitcoin is not there to "beat the S&P 500 or overtake gold", but serves as a long-term store of value against global currency devaluation. While equities and precious metals have reached new all-time highs, Hayes sees no relevance in comparison: if you deflate these assets with Bitcoin, their performance looks "ridiculously weak". Investors should adjust their expectations accordingly: those who have been invested for years will benefit massively, while those who speculate in the short term risk liquidation.

Analyst Joe Burnett also warns against misunderstandings, although he maintains an ambitious vision of $10 million per BTC by 2035.

The research director of Unchained Markets shares Hayes' long-term view, but goes even further: if Bitcoin gradually absorbs capital from traditional markets (equities, real estate, bonds), a price target of $10 million in 2035 is plausible. His thesis is based on the limited global supply of 21 million BTC and the current global asset volume of $900 trillion. The more institutional capital views Bitcoin as a safe haven, the scarcer the available supply becomes.

Whether Burnett's forecast comes true depends on many factors: regulatory intervention, energy policies, geopolitical tensions and technological developments could slow down BTC's march. Hayes also admits that the path to the "Bitcoin endgame" can only be taken with patience and a realistic investment horizon. The market logic remains simple, but not easy.

Hayes and Burnett both talk about two sides of the same coin: Bitcoin is not a speculative vehicle for quick wealth, but a macroeconomic counterweight to the inflationary monetary system. However, the new myth of the 10 million dollar Bitcoin harbors similar risks to the Lambo dream. Anyone who really understands Bitcoin is not looking for price fantasies, but for a foundation for financial sovereignty.

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🔮 Polymarket is coming back to the US

Polymarket, the leading decentralized prediction market that lives on Polygon, is preparing to come back in the USA in a legal way thanks to a new ruling:

By taking over the licensed QCX exchange, Polymarket received a CFTC no-action letter at the beginning of the month, and can therefore legally serve US users again. According to Business Insider, the company's valuation could rise up to $10 billion, or ten times the valuation of its last funding round.

At the same time, Polymarket also has a new cooperation with Chainlink to resolve price forecasts by oracles in an automatic and tamper-proof way. This integration is already live on Polygon and could also automatically resolve in the future "subjective markets" such as political events or election results, a step towards a trustworthy real-time information source.

Prediction markets are becoming an alternative financial infrastructure that is transparent, decentralized and fast. The Chainlink integration strengthens data quality and could pave the way for new on-chain betting markets with a significant political impact, as the inclusion of Donald Trump Jr. on the Polymarket advisory board shows.

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