$BTC Bitcoin $BTC (BTC) is most focused on the "bullish" factors concentrated in macro monetary easing from China, the U.S., and Japan, spot ETF, and enterprises.
1. Global liquidity is easing again
- Federal Reserve Chairman Powell clearly hinted at "upcoming interest rate cuts" at the Jackson Hole meeting in July 2025, leading to a decline in the dollar and U.S. Treasury yields, which directly boosted $BTC BTC to rise 6% in a single day, reclaiming the 106,000 dollar mark.
- Japan will launch a fiscal stimulus of 135 billion dollars by the end of 2025; China is ending years of deflation and shifting to monetary easing, which is also seen as providing "liquidity" to risk assets.
2. U.S. spot ETF continues to attract capital
The inflow of spot Bitcoin ETF in 2025 reached a historical high, bringing in about 30 billion dollars in net increase in just the first half of the year. Institutional investors such as Wisconsin pension funds, Morgan Stanley, and Bank of America have disclosed large positions, becoming a "stabilizer" for BTC prices.
3. Enterprises are accelerating to treat BTC as cash
- Hong Kong construction company Ming Cheng Group announced in August 2025 a one-time purchase of 4250 BTC for 483 million dollars, with an average price of approximately 113,600 dollars, setting the largest single transaction record for non-financial enterprises in Asia.
- Japanese listed payment company Goobit Group and clothing chain Mac House have both launched "Bitcoin treasury strategies", aiming to accumulate 210 BTC and 1,000 BTC respectively.
Corporate buying has reduced the circulation in the secondary market and reinforced the narrative of "digital gold".
4. On-chain scarcity continues to rise
Exchange balances dropped to a three-year low in December 2025; meanwhile, after the fifth halving, only 450 new coins were added daily, and the supply-demand gap widened, viewed by multiple sell-side institutions as the underlying logic of a "slow bull".
5. Price expectations
- Short term: If it breaks 108,000–110,000 dollars, multiple market makers have set the next target at 123,000–125,000 dollars.
- Mid-term: deVere Group reiterates a target of 150,000 dollars by the end of 2025; Matrixport expects an average price range of 140,000–160,000 dollars in 2026.
- Long term: PlanB maintains an extreme target of 1 million dollars by the end of 2025 based on the S2F model, but warns that there may be a pullback to 500,000 dollars in the first half of 2026.
In summary, macro easing brings "capital", spot ETFs and corporate accumulation bring "buying power", and halving brings "scarcity"; the combination of these three is seen as the strongest bullish factor for BTC currently.
1. Global liquidity is easing again
- Federal Reserve Chairman Powell clearly hinted at "upcoming interest rate cuts" at the Jackson Hole meeting in July 2025, leading to a decline in the dollar and U.S. Treasury yields, which directly boosted $BTC BTC to rise 6% in a single day, reclaiming the 106,000 dollar mark.
- Japan will launch a fiscal stimulus of 135 billion dollars by the end of 2025; China is ending years of deflation and shifting to monetary easing, which is also seen as providing "liquidity" to risk assets.
2. U.S. spot ETF continues to attract capital
The inflow of spot Bitcoin ETF in 2025 reached a historical high, bringing in about 30 billion dollars in net increase in just the first half of the year. Institutional investors such as Wisconsin pension funds, Morgan Stanley, and Bank of America have disclosed large positions, becoming a "stabilizer" for BTC prices.
3. Enterprises are accelerating to treat BTC as cash
- Hong Kong construction company Ming Cheng Group announced in August 2025 a one-time purchase of 4250 BTC for 483 million dollars, with an average price of approximately 113,600 dollars, setting the largest single transaction record for non-financial enterprises in Asia.
- Japanese listed payment company Goobit Group and clothing chain Mac House have both launched "Bitcoin treasury strategies", aiming to accumulate 210 BTC and 1,000 BTC respectively.
Corporate buying has reduced the circulation in the secondary market and reinforced the narrative of "digital gold".
4. On-chain scarcity continues to rise
Exchange balances dropped to a three-year low in December 2025; meanwhile, after the fifth halving, only 450 new coins were added daily, and the supply-demand gap widened, viewed by multiple sell-side institutions as the underlying logic of a "slow bull".
5. Price expectations
- Short term: If it breaks 108,000–110,000 dollars, multiple market makers have set the next target at 123,000–125,000 dollars.
- Mid-term: deVere Group reiterates a target of 150,000 dollars by the end of 2025; Matrixport expects an average price range of 140,000–160,000 dollars in 2026.
- Long term: PlanB maintains an extreme target of 1 million dollars by the end of 2025 based on the S2F model, but warns that there may be a pullback to 500,000 dollars in the first half of 2026.
In summary, macro easing brings "capital", spot ETFs and corporate accumulation bring "buying power", and halving brings "scarcity"; the combination of these three is seen as the strongest bullish factor for BTC currently.