Analysts at Bernstein predict Bitcoin could reach nearly $200,000 by the end of 2025, with expectations for $1 million by 2033. This projection follows strong inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) since their approval in January, now expected to comprise approximately 7% of the circulating Bitcoin supply by 2025. Bernstein anticipates ETF assets under management (AuM) to peak around $190 billion by 2025 and grow to $3 trillion by 2033. They cite ongoing institutional interest, including MicroStrategy's aggressive Bitcoin accumulation strategy, which now holds approximately 1.15% of Bitcoin's total global supply.