Bitcoin’s ascent past $100,000 may have seemed like a long-awaited milestone, but industry experts believe it is just the beginning of institutional adoption, a trend that could fundamentally change how global capital markets operate.
Samson Mow, CEO of Jan3, a company focused on accelerating Bitcoin adoption, explained that previous Bitcoin bull runs were often limited because exchanges needed time to onboard and were backlogged for months. However, with the introduction of ETFs, there is now no barrier for traditional finance (TradFi) capital to directly flow into Bitcoin.
During the Consensus 2025 conference in Hong Kong, Mow acknowledged that the expected “torrent of capital” has yet to fully enter the Bitcoin market. Institutional investors, such as sovereign wealth funds, are currently testing the waters of the crypto market and only investing a small portion of their assets.
Mow responded to Adam Back, CEO of Blockstream, who highlighted the peculiar market dynamics at play for Bitcoin. Back mentioned that the inflows into ETFs are exceeding the amount of Bitcoin mined daily, and companies like MicroStrategy are buying more than twice the amount of Bitcoin mined each day.
Mow believes that all of these factors are setting the stage for a “massive wave” of bullish price action for Bitcoin as institutions embrace the cryptocurrency.
The panel at the conference also discussed the absorption of approximately 1.1 million Bitcoin, valued at around $110 billion at current prices, between September and October 2024. This occurred despite a 50% increase in prices from $60,000 to the current levels.
Mow expressed his observation that the price movements appeared to be “manufactured” due to the consistent and sideways trading patterns. He described the trading range as unnaturally tight and lacking in natural market dynamics.
Mow’s observation was in response to Back’s suggestion that previous structural sellers, including bankrupted firms and miners in need of cash during the bear market, have mostly exited the market.
The article was edited by Stacy Elliott.