Bitwise has set a long-term target price of $1.6 million for $BTC by 2036, with an expected annualized return of 34.3%.

When an asset manager projects compound returns of over 30% a year for a decade, it is essentially treating spot holdings as a long-term savings pool that captures the premium of mainstream assets.

The pace at which long-term investors absorb $BTC spot holdings will not let up.