Bitcoin News

Story: Bitwise CEO Warns of Institutional Shifts Despite Bitcoin ETF Momentum

By Pankaj K

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Bitcoin ETFs Surge, Gold Loses Shine. In the second quarter of 2025, Bitcoin ETF products recorded a dramatic turnaround.

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The Next Major Challenge for Bitcoin: Treasuries and Bonds. According to Horsley, Bitcoin is about to enter a new phase where competition won’t be coming from…

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Is the Digital Gold Narrative Losing Steam?. Another major point of concern from Horsley is the possibility that Bitcoin's reputation as…

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Bitcoin Still Outperforming Gold—For Now. Despite these concerns, Bitcoin has continued to outperform gold in 2025.

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Institutional Flows Are Shifting. While ETF data shows Bitcoin is drawing significant institutional inflows, the broader investment…

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Looking Ahead: What Will Drive Bitcoin's Next Move?. Bitcoin has navigated many hurdles before—regulatory crackdowns, environmental concerns, and…

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Bitcoin’s explosive recovery in 2025 has pushed it back into the spotlight, especially after the U.S.

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Gold, traditionally viewed as Bitcoin’s closest rival in the store-of-value asset category, hasn’t fared as well.

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But while this trend appears bullish on the surface, Horsley believes it could mask deeper challenges that are only now beginning to emerge.

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According to Horsley, Bitcoin is about to enter a new phase where competition won’t be coming from gold, but rather from traditional financial instruments such as U.S.

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“Rather, I think Bitcoin’s competition is going to end up being U.S. Treasuries and other governments’ bonds… These two [bonds and fading digital gold narrative] aren’t the most…

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This view reflects growing sentiment that as yields on bonds remain attractive, especially in inflationary environments, some institutional investors might shift focus away from…

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Another major point of concern from Horsley is the possibility that Bitcoin's reputation as "digital gold" could lose relevance among large investors.

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Although Bitcoin is still seen as an apolitical hedge, it’s no longer alone in offering safety during turbulent times.

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Despite these concerns, Bitcoin has continued to outperform gold in 2025. Since April, Bitcoin has delivered 34% higher returns than gold, according to market data.

The Currency Analytics

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