Analysts at research and brokerage firm Bernstein aren’t worried about the slowing spot bitcoin exchange-traded fund flows, expecting the trend to be a “short-term pause” before bitcoin resumes its bull run toward their $150,000 target by the end of 2025.

“Bitcoin ETF flows have slowed down, with the ‘halving’ catalyst and successful ETF launch, pulling forward BTC returns YTD (up 46%),” Gautam Chhugani and Mahika Sapra wrote in a note to clients on Monday. “We don’t expect the Bitcoin ETF slowdown to be a worrying trend, but believe it is a short-term pause before ETFs become more integrated with private bank platforms, wealth advisors and even more brokerage platforms.”

Inflows for the spot bitcoin ETFs have slowed considerably since peaking at a net daily inflow of $1.05 billion on …