Analyst Update – Bitcoin

Our initial Bitcoin Asset Analysis in September 2024 highlighted the increasing scarcity of BTC, its benefits in modern portfolio theory, and the emergence of Bitcoin ETFs. BTC has reached a price over $124,000 and ETF inflows trend higher. In this update, we unpack recent demand for exposure to BTC through ETFs and treasury companies, how this demand has affected network activity, and emerging developments in the Bitcoin ecosystem for 2025 and beyond.