In a recently published market analysis, Bitwise asset management executives Matt Hougan and Ryan Rasmussen reaffirm their bullish stance on Bitcoin’s price trajectory, along with expectations for Ethereum, Solana, Coinbase stock, and the growing tokenized assets sector.
Despite what they describe as a “mixed year” for crypto asset prices so far, the analysts project a strong second half of 2025. They cite several factors contributing to this outlook, including legislative progress in Washington, increasing institutional investment demand, and growing stablecoin adoption.
Bitcoin Price Prediction: Holding Firm at $200,000
The core of Bitwise's forecast remains a Bitcoin price target of $200,000, representing a potential gain of over 88% from current levels. The report emphasizes that substantial institutional demand is the primary driver behind this optimism, making it difficult for prices to remain stagnant for long.
At the time of the report, Bitcoin was trading around $105,996.
Ethereum and Solana: Bullish Catalysts on the Horizon
While expressing less confidence than with Bitcoin, Hougan and Rasmussen highlight several potential catalysts that could propel Ethereum (ETH) and Solana (SOL) to significant gains. These include the potential approval of spot ETH exchange-traded funds (ETFs), rising stablecoin usage, and the emergence of companies holding these assets on their treasury balance sheets.
The analysts stopped short of predicting new all-time highs for either asset. At the time of writing, ETH was trading at $2,423, and SOL was at $147.
Coinbase Stock: Long-Term Optimism with a Realistic Timeline
The report also discusses Bitwise’s outlook for Coinbase Global, Inc. (COIN). The analysts maintain a long-term price target of $700 per share and believe the company could eventually surpass the total market value of traditional brokerage giant Charles Schwab.
However, they acknowledge this milestone is unlikely to be reached before the end of the year, noting the current valuation gap between Coinbase (~$90 billion) and Charles Schwab (~$164 billion) is still significant. COIN was trading near $337 at the time of the analysis.
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Tokenized Real-World Assets (RWA) on a Growth Trajectory
A major theme in the report is the rapid expansion of the tokenized real-world assets (RWA) market. Bitwise notes that this sector has grown from approximately $13 billion at the start of 2025 to around $25 billion at the time of writing.
The firm predicts this adoption will accelerate in the second half of the year, reaffirming its prediction that the total market capitalization for tokenized RWAs will surpass $50 billion in 2025.
Frequently Asked Questions
What is Bitwise's Bitcoin price prediction for 2025?
Bitwise executives have reiterated their prediction that Bitcoin will reach a price of $200,000 within the next six months. They base this on strong and sustained institutional demand for Bitcoin exposure.
What are the key catalysts for Ethereum and Solana?
The analysts point to potential ETF approvals, increasing stablecoin adoption, and companies adding ETH and SOL to their corporate treasuries as key factors that could drive prices higher in the latter half of 2025.
Will Coinbase stock hit $700?
Bitwise believes Coinbase stock can reach $700 per share and potentially surpass Charles Schwab's market value in the long term. However, they do not expect this to happen before the end of the current year due to the large valuation gap.
What are tokenized real-world assets (RWAs)?
Tokenized RWAs are traditional financial assets like bonds, real estate, or commodities that are represented by digital tokens on a blockchain. This allows for fractional ownership and easier transferability, creating a new class of digital assets.
How fast is the RWA market growing?
According to the report, the market cap for tokenized RWAs has nearly doubled from $13 billion to $25 billion since the beginning of 2025. Bitwise predicts this growth will continue, pushing the total market cap above $50 billion this year.
Where can I monitor these asset prices?
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