Betting on another bull run before year-end seems reasonable right now. The institutional players holding BTC ETFs are sitting at an average entry around $83k—and when you've got that much skin in the game, everyone's looking to justify those positions come Q4.

It's not just hope, there's real incentive structure here. Performance chasers need wins to show their LPs. That kind of pressure tends to push things. My base case? We punch through to close the year above $100k, maybe even flirt with it throughout the final stretch. Could be tight, but the momentum's there if you squint at the right metrics.