Overview

• Bitwise’s base case implies a 28.3% annualized return, with outcomes ranging from about $88,000 in the bear scenario to roughly $3 million in the bull case by 2035.
• Institutional activity now dominates flows, with more than 75% of Coinbase trading attributed to institutions and estimated new demand running six times fresh issuance.
• Post‑halving scarcity persists, with fewer than 1.1 million BTC left to be mined and roughly 450 BTC created per day.
• The forecast cites ETF-fueled allocations, growing corporate treasury participation, and concerns over fiat purchasing power as core drivers.
• Bitwise cautions that regulatory shifts and macro shocks could interrupt the trajectory and that 30–60% drawdowns are likely to recur.