Bernstein analysts released ten predictions for the crypto industry in 2025, reiterating that the bitcoin price target is $200,000, noting that the stablecoin market size will exceed $500 billion, the net inflow of spot bitcoin ETFs will exceed $70 billion, and the integration of crypto and artificial intelligence will further deepen. Bernstein calls 2025 the beginning of the "infinite era", a "long period in which crypto technology continues to evolve and become widely accepted". Analyst Gautam Chhugani said the crypto industry will gradually move away from cyclical fluctuations, integrate into the financial system and become an important part of the smart era. The report predicts that US spot bitcoin ETFs will attract net inflows of more than $70 billion, institutional adoption will rise rapidly, and ETF investment holdings will increase from 22% in 2024 to 40%. Meanwhile, capital expansion plans by MicroStrategy and bitcoin miners will drive corporate finance adoption to $50 billion by 2025. In addition, Bernstein expects the convergence of AI and the crypto industry to lead to innovations such as decentralized AI blockchains, AI-integrated crypto wallets, and "human authentication "-based verification services; bitcoin miners will turn more to AI to optimize their business models and attract a wider range of institutional investors.