Analysts at research and brokerage firm Bernstein have raised their price target for bitcoin to $200,000 from $150,000 by the end of 2025.

The target is driven by expectations of unpreceded demand via spot bitcoin exchange-traded funds run by some of the world’s leading asset managers, such as BlackRock, Fidelity and Franklin Templeton, reaching around $190 billion in assets under management compared to $60 billion today, Gautam Chhugani and Mahika Sapra wrote in a note to clients.

“We believe that the U.S regulated ETFs were the watershed moment for crypto that brought in structural demand from traditional pools of capital,” the analysts wrote. “Around $15 billion of net new flows have been brought in by the ETFs combined. We expect Bitcoin ETFs to be equivalent to ~7% of bitcoin in …