Geoff Kendrick, global head of digital asset research at Standard Chartered, said in a report that the flow of funds in bitcoin this year has been dominated by institutional investors, and this situation should continue, with bitcoin likely to reach $200,000 by the end of 2025 after breaking through $100,000. So far this year, institutions have bought 683,000 bitcoins through US spot ETFs, and MicroStrategy has bought 245,000 bitcoins, a significant portion of which were purchased after the US Presidential Election. "In 2025, we expect institutional inflows to maintain or exceed the 2024 rate," Kendrick said. In addition, pension funds currently hold a smaller proportion of bitcoin ETFs, but this proportion is expected to increase in 2025 due to changes in US regulatory policy.