21Shares CIO: Bitcoin ETF drives continuous institutional capital inflows, BTC may hit $100k by the end of the year

BlockBeats News, April 29 — Adrian Fritz, Chief Investment Officer of 21Shares, stated on the CoinDesk program that as spot Bitcoin ETFs continue to attract institutional capital inflows, Bitcoin is gradually becoming part of mainstream multi-asset portfolios. If macroeconomic conditions cooperate, BTC could rise to $100k by the end of the year.

Adrian Fritz said that since the beginning of this year, nearly $2 billion has flowed into spot Bitcoin ETFs, with buying interest coming from retail investors, institutions, and hedge funds engaging in arbitrage and options strategies. Large asset management firms, including Morgan Stanley, continue to enter the crypto market and are accelerating institutional adoption.

He pointed out that the current daily trading volume of Bitcoin has exceeded $50 billion, with liquidity levels approaching those of large tech stocks like NVIDIA. The ETF structure has further enhanced liquidity in the primary and secondary markets, gradually giving Bitcoin the attribute of an “institutional-grade asset.”

Regarding the future market, Adrian Fritz believes that geopolitical easing, continuous net inflows into ETFs, perpetual contract negative funding rates causing short squeezes, and Bitcoin breaking through the 85k to 90k USD range and the 200-day moving average could all serve as catalysts for a new round of rally.

However, he also warned that macro factors still dominate market trends, including PCE inflation data, Federal Reserve policy paths, and oil price fluctuations. If oil prices break above $100 again, it could put pressure on risk assets, including Bitcoin.

Additionally, he believes that this “altcoin season” may not occur in the same way as in the past, with funds paying more attention to projects with real revenue and cash flow, and he specifically mentioned Hyperliquid as gaining increasing attention from traditional investors.