21Shares CIO: Bitcoin ETF to Drive Institutional Inflows, BTC Could Hit $100,000 by Year-End

On April 29, 21Shares Chief Investment Officer Adrian Fritz told CoinDesk that Bitcoin is increasingly becoming part of mainstream multi-asset portfolios as spot Bitcoin ETFs keep drawing institutional inflows. With a favorable macro backdrop, he expects BTC to hit $100,000 by year-end. Fritz noted spot Bitcoin ETFs have pulled in nearly $2 billion in inflows so far this year, with buying pressure coming from retail investors, institutions, and hedge funds using arbitrage and options strategies. Big asset managers like Morgan Stanley are also ramping up crypto exposure, speeding up institutional adoption. He added Bitcoin’s daily trading volume now tops $500 billion, with liquidity approaching that of major tech stocks like NVIDIA. The ETF structure has further boosted primary and secondary market liquidity, helping Bitcoin take on "institutional-grade asset" traits. Looking ahead, Fritz sees several catalysts for a new uptrend: geopolitical easing, continued ETF net inflows, negative funding rates in perpetual contracts squeezing shorts, and Bitcoin breaking above its 200-day moving average in the $85,000–$90,000 range. But he warned macro factors still drive market trends—including PCE inflation data, the Federal Reserve’s policy path, and oil price swings. If oil climbs back above $100, it could pressure risk assets like Bitcoin. Additionally, he thinks this altcoin season won’t play out like past cycles. Funds will focus more on projects with real revenue and cash flow, and he singled out Hyperliquid as a project gaining traction with traditional investors.