PANews reported on December 5 that Geoff Kendrick, head of global digital asset research at Standard Chartered Bank, said in a report that Bitcoin's capital flows this year are mainly dominated by institutional investors, and this situation should continue. After breaking through $100,000, Bitcoin may reach $200,000 by the end of 2025. So far this year, institutions have bought 683,000 bitcoins through US spot ETFs, and MicroStrategy has purchased 245,000 bitcoins, a large part of which was bought after the US presidential election. Kendrick said, "In 2025, we expect institutional capital inflows to maintain or exceed the pace of 2024." In addition, pension funds currently hold a small proportion of Bitcoin ETFs, but this proportion is expected to increase in 2025 due to changes in US regulatory policies.