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VanEck

Bitcoin price will hit $180,000 by the year-end, VanEck report suggests

by admin August 20, 2025

On Aug. 18, 2025, ETF and mutual fund manager VanEck released a new report studying Bitcoin price trends between mid-July and mid-August. VanEck analyst Nathan Frankovitz and Head of Digital Assets Research Matthew Sigel predict that BTC will reach $180,000 by the end of the year, while noting discrepancies in Bitcoin mining companies’ market performance and declining mNAV of Digital Asset Treasuries.

Summary

VanEck report suggests that Bitcoin price will reach $180,000 by the end of 2025.
The report attributes the decline in Bitcoin treasury companies’ mNAV to lower Bitcoin volatility and claims mNAV will continue to drop in the future.
The U.S. dominance in Bitcoin mining reaches a record high at 31%.
Bitcoin ordinals minting doubles if compared to 2024, while Bitcoin Core is removing the arbitrary data limit from the block, clearing the way for more ordinals.

30-day market trends

On Aug. 13, 2025, Bitcoin reached a new record-breaking price. While it was only several hundred dollars above July’s peak price, VanEck notes that the signals coming from the Bitcoin futures markets were more bullish. The CME basis funding rates reached 9%, the highest figure in six months.

The options market saw a notable increase in the call/put ratio, which reached 3.21x, signaling the growing demand for BTC. According to VanEck, 3.21x is the highest call/put rate since June 2024. Call premiums reached $792 million, which is a 37% rise compared to the previous 30-day period.

One of the factors shaping the uptrend was growing demand from corporations. According to VanEck, in July, Exchange-traded products (mostly ETFs) and DATs acquired 54,000 BTC and 72,000 BTC, respectively. In the three months of 2025 Q2, DATs purchased only 131,355 BTC, which indicates July’s increase in buying pressure coming from digital asset treasuries.

For the same crypto asset, which would you rather own?

— VanEck (@vaneck_us) August 13, 2025

VanEck named Ethereum’s popularity spike as the main reason for the decline in Bitcoin’s market dominance from 64.5% to 59.7%. Bitcoin network transactions reached 12.9 million, which is the highest rate since November 2024. Median fees dropped by 13%.

The graph attached to the VanEck report showcases a spike in total transfer volume. It reached $77,727,657,201, making a 34% increase compared to the previous 30-day period or a 60% change over 365 days.

Bitcoin mining

In August, mining hashrate reached a record-high rate of 902 EH/s. The revenue per EH/s is $59,400, the highest in eight months. The volume of BTC sent by miners to exchanges has nearly doubled since August 2024, but grew only 16% compared to mid-July of this year.

As for mining companies’ equities, the results are split. Applied Digital Corporation’s equity (APLD) is up 54%, Bitfarms (BITF) is up 16%, while most of their competitors saw growth below 10% or dropped in price. VanEck names a 22% drop in Cipher Mining Inc.’s stock (CIFR) price and a 4% decline in the 13-mining-company index tracked by the report authors. In August, U.S.-based mining operations reached a record share of 31%.

Bitcoin treasuries

VanEck evaluated the amount of Bitcoin held on public treasury companies’ balance sheets at 951,000. The authors of the report point to the decline in DATs’ stock performance. They point out that in July, the mNAVs of these companies have been going down.

Saylor once said he’d never issue below 2.5x mNAV.

Now, he’s changed course.

He’s signaling a willingness to sell $MSTR even under that threshold.

A real risk of dilution is now on the table.

— Oz Sultan (@OzForNY) August 19, 2025

It means that for these companies, the share of net asset value declines relative to their liabilities. VanEck gives three examples: mNAVs are down for MSTR (-16%), for MTPLF (-62%), and for SMLR (-12%). As Bitcoin volatility settles, it becomes harder for DATs to issue convertible debt to acquire more BTC.

Bitcoin ordinals spike

Another notable trend is the 43% 30-day growth of ordinals minted on the Bitcoin blockchain. The total amount of ordinals minted in 30 days amounts to 109,779. Compared to August of 2024, this amount has grown by 120%.

This surge in minting Bitcoin blockchain-based images and other non-monetary data reflects the ongoing debate over the idea of removing the 83-byte-per-block limit for arbitrary information. The implementation removing the limit will come into effect for Bitcoin Core nodes in October, allowing for more ordinals per block, which can possibly slow down monetary transactions.

Predictions

Looking at the near future, VanEck points to the possibility of a volatility spike, which in turn can amplify price swings via dealer hedging. VanEck expects a further decline in DATs’ mNAVs as they will have limited ability to raise capital due to a long period of low volatility. While the report authors provide both bearish and bullish scenarios, they claim that by year-end, Bitcoin will reach $180,000.

In December 2024, Matt Sigel was predicting that Bitcoin would reach $180,000 in the first quarter of 2025 before going through a 30% correction. In fact, the Q1 peak was well below $110,000. April saw a short-term 25% drop. Given that the current Bitcoin price is much higher than the December 2024 price, the $180,000 bet is considerably less bullish.

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August 20, 2025 0 comments

NFT Gaming

Stablecoin Boom Has Made Crypto Ramps ‘Sexier’ M&A Targets, Says VanEck VC

by admin August 17, 2025

In brief

On- and off-ramp companies are attractive M&A targets, according to VanEck Ventures’ Juan Lopez.
They are increasingly being viewed as valuable touch points for facilitating payments through stablecoins, he said.
In the past, they were viewed primarily as a way to fund crypto exchange accounts.

Companies that serve as connective tissue between digital assets and legacy payments systems are getting a glow-up from stablecoins this year, according to VanEck Ventures Managing Partner Juan Lopez.

As companies continue to explore new use cases with dollar-pegged tokens, those that help customers swap between cash and crypto are becoming some of the hottest targets for mergers and acquisitions, he told Decrypt in a recent interview.

Although they were mostly perceived as a way to let customers easily purchase crypto in the past, Lopez said that on-and-off ramps are increasingly being viewed as valuable touch points for facilitating everyday transactions through stablecoins.

“On-and-off ramp companies initially were the ones that were connecting the legacy payment systems with the sort of blockchain-adjacent systems that exchanges pioneered,” he said. “Now they can go from simply calling themselves on-and-off ramps to full-fledged payments providers built on this really novel infrastructure, which is a lot sexier.”

With last month’s passage of stablecoin legislation in the U.S., experts anticipate an explosion of stablecoins under the GENIUS Act. With a federal framework in place, Citigroup said this week that it’s exploring a stablecoin, months after Bank of America signaled the same.

Lopez said that stablecoins emerged within the crypto industry primarily as a way for exchanges to overcome long settlement times that customers faced when funding accounts, but experimentation has pushed their utility far beyond that.

“On-and-off ramps have been a large driver for some of the new use cases that we hear around stablecoins,” he said, pointing to cross-border remittances and business-to-business payments.

Earlier this year, crypto payments service MoonPay acquired Helio and Unstoppable Finance, “underscoring the vision for crypto payments,” according to a report from Architect Partners.

The move followed payment giant Stripe’s acquisition of stablecoin platform Bridge last year, one of the largest deals in the industry’s history valued at $1.1 billion.

Ripple said earlier this month that it would purchase Rail, a Toronto-based payments platform, for $200 million. Ripple highlighted the firm’s ability to offer “comprehensive stablecoin pay-ins and pay-outs” without requiring a company to hold crypto on its balance sheet.

Lopez noted that the licenses on-and-off ramp companies own could be a factor as well, letting companies expand into new businesses or jurisdictions than they could otherwise.

“It’s really a time-to-market value,” he said. “If there’s a particular player that wants to enter a particular business, they can do so much faster they can acquire a business that’s gone through all the regulatory hurdles to actually be licensed to operate.”

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August 17, 2025 0 comments

Crypto Trends

Pudgy Penguins pops at NASDAQ with VanEck as market watches for PENGU price breakout

by admin June 25, 2025

Pudgy Penguins’ Nasdaq spotlight has ignited fresh bullish momentum in PENGU price, pushing the token toward a potential breakout from a months-long bullish pattern.

Pudgy Penguins (PENGU) mascot recently stole the spotlight alongside VanEck at the Nasdaq opening bell ceremony, which took place on June 23 at the Nasdaq MarketSite in Times Square, New York.

At the ceremony, Matthew Sigel, VanEck’s Head of Digital Assets Research, rang the bell, while Pengu’s presence was a symbolic nod to crypto’s growing mainstream acceptance.

The appearance at the ceremony comes amid a wave of momentum for Pudgy Penguins, including the recent launch of a play-to-win game Pengu Clash on the TON blockchain and a partnership with Lufthansa’s Miles & More program.

The exposure helped boost PENGU memecoin‘s price by 16% in a single day, with the rally continuing to an intraday peak of $0.0100 on June 25. With this surge, PENGU price has edged closer to the upper boundary of the falling wedge pattern that has been forming since early May. The projected breakout level near $0.0106 is now just approximately 8% above the current price of $0.0098.

Source: TradingView

On the downside, support is around $0.008, where the lower boundary of the wedge aligns with the longer-term ascending trendline that has held since the April reversal, adding strength to this key level.

From a technical standpoint, momentum indicators are beginning to tilt in favor of the bulls.

The RSI currently stands at 48, having recovered from oversold conditions earlier this month. The MACD line has just crossed above the signal line in a bullish crossover, occurring near the zero line — a signal often interpreted as the beginning of a possible upward move.

The price is also retesting the 20-day EMA at $0.00989. A daily close above this level would confirm a short-term shift in momentum and strengthen the case for a breakout from the falling wedge.

If the breakout above $0.0106 is confirmed with strong volume and follow-through, the next upside targets are $0.0115 (50-day SMA), followed by $0.0130 and $0.0150 — the previous swing highs — and ultimately $0.0200 — the projected target based on the height of the falling wedge pattern.

A breakdown below $0.0080 would invalidate the wedge structure and expose the price to further downside, potentially toward $0.0070.

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June 25, 2025 0 comments

NFT Gaming

Bitcoin ETF Issuers VanEck, 21Shares and Canary Send Letter to SEC

by admin June 6, 2025

Three major financial firms, VanEck, 21Shares, and Canary Capital, sent a letter to the U.S. Securities and Exchange Commission (SEC), raising concerns about how new exchange-traded funds (ETFs) are approved.

According to the letter, shared by James Seyffart on X, the SEC previously followed a “first-to-file, first-to-approve” rule when deciding which ETFs could launch. The crypto ETF issuers that submitted an application for an ETF initially were typically approved first, which allowed them to have an edge over others.

The same happened with the introduction of Bitcoin and Ethereum ETFs, where top ETF issuers had the upper hand at the beginning.

However, according to VanEck, 21Shares, and Canary Capital, the SEC is now adopting a different method, which is harming small firms and slowing growth in the ETF market.

In their message to SEC Chairman Paul Atkins, they mention that the move makes it difficult for small or new firms to compete with the more established firms.

If top companies have the advantage, they will attract more investors and control a bigger piece of the market, which reduces the availability of ETFs that could profit traders.

If smaller firms can launch new ETFs more easily, investors might get more products that interest them or which could offer higher returns.

Seeking fair crypto ETFs approvals

The firms also warn that the SEC’s current approach could discourage companies from creating new ETFs altogether, which would limit choices for investors. They want the SEC to modify its process so that it is fairer and inspires more new crypto ETF issuers.

If the SEC pays attention, traders and investors would benefit from more ETF options, which could help them get better returns and better manage their risks. Right now, no statement from the SEC has been made about the situation.

VanEck Exec Slams SEC For Delay On Bitcoin ETF Options

by admin May 25, 2025

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Matthew Sigel, the head of digital assets research at VanEck, has criticized the US Securities and Exchange Commission (SEC) over a delayed response on a proposal to list options trading on the firm’s Bitcoin Spot ETF.

Notably, the Commission has continued to issue delayed responses to all recent digital asset-related ETF proposals/amendments despite a crypto-friendly policy of the Donald Trump Administration.

SEC Delay Is Frustrating, Offers No Feedback, VanEck’s Sigel Says

On April 3, 2025, the Chicago Board of Exchange (Cboe) filed a proposed rule change to list options trading on the VanEck Bitcoin ETF (HODL). For context, options trading grants investors the right to buy and sell an asset at a specific price before a certain date.

Following the resounding success of the US Bitcoin Spot ETFs, options trading became a potential mode of market expansion, with several asset managers submitting applications to offer options to their respective ETFs.

Notably, the SEC has granted approval for this request for multiple Bitcoin ETFs, including the Fidelity Wise Origin Bitcoin Fund (FBTC), BlackRock iShares Bitcoin Trust (IBIT), Grayscale Bitcoin Mini Trust (BTC), and the Bitwise Bitcoin ETF (BITB), among others.

However, following the initial 45-day review, the Commission has delayed a response on Cboe’s proposal to list trading options on the VanEck Bitcoin ETF (HODL). In an X post on May 23, Matthew Sigel strongly criticized this decision, which he described as “frustrating” and offered no transparency to investors.

While tagging Hester Pierce, the Head of the SEC’s Crypto Task Force, Sigel complained that the Commission had issued a delayed response while offering no comments or feedback along with this decision. The VanEck Exec explained the asset manager’s objection to this development while responding to a user comment. He said.

This was the first decision date, so it has not been rejected, just delayed, even though the SEC’s initial comments were addressed. It’s the lack of any feedback that is particularly irksome…

It is highly worth noting that delayed responses by the SEC have been quite a common response for digital assets ETF-related proposals. The Commission can choose to wait till the final decision deadline, i.e., 240 days after the application, as seen with the Bitcoin Spot ETFs in 2024. However, Sigel’s concerns stem from an absence of an explanation on this delayed ruling, especially considering that options trading has been approved for certain other Bitcoin Spot ETFs.

Bitcoin Price Overview

At the time of writing, Bitcoin trades at $108,349, reflecting gains of 5.23% and 17.71% in the past seven and 30 days, respectively.

BTC trading at $108,244 on the daily chart | Source: BTCUSDT chart on Tradingview.com

Featured image from iStock, chart from Tradingview

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May 25, 2025 0 comments