21Shares CIO Adrian Fritz said Bitcoin now posts daily trading volume above $50 billion on a regular basis, a level of liquidity he compared with Nvidia. In his view, that shift has removed one of the biggest objections long held by traditional financial institutions and pushed Bitcoin closer to becoming a fully institutional-grade asset.
Speaking on CoinDesk’s Public Keys program, Fritz said steady inflows into spot Bitcoin ETFs are strengthening Bitcoin’s place inside conventional portfolios. The report said spot Bitcoin ETFs have taken in nearly $2 billion so far this year. Demand has come from retail investors, institutions, and hedge funds using arbitrage and options strategies. He also pointed to the ETF wrapper itself as important, since it adds liquidity through both primary and secondary markets.
Portfolio managers are treating Bitcoin differently
Bitcoin has still been struggling below the $80,000 level in recent trading, but Fritz argued that the broader signal from Wall Street is more constructive. As firms such as Morgan Stanley increase their involvement, more portfolio managers are looking past Bitcoin’s volatility and treating it as a viable piece of a multi-asset allocation. He described the ongoing flows as structural demand rather than short-term speculation.
What could push BTC toward $100,000
Fritz said Bitcoin could still move toward $100,000 by the end of the year after a period of consolidation, if the macro setup turns supportive. He cited personal consumption expenditures inflation data, Federal Reserve rate decisions, and oil prices as key variables. Crude moving above $100 could weigh on risk assets. A cooling in geopolitical tensions could lift risk appetite instead.
He also noted that perpetual futures funding rates are currently negative, leaving room for a short squeeze if prices break higher. On the technical side, a decisive move above the 200-day moving average, which he placed around $85,000 to $90,000, could signal a stronger reversal in trend. Continued ETF inflows remain central to that thesis.
Altcoin season may not return in its old form
Fritz was more cautious on the broader altcoin market. He said the traditional pattern in which Bitcoin rallies and weaker tokens rise across the board may no longer come back in the way traders remember it. Institutional capital is becoming more selective, with greater attention on projects that can show real revenue and cash flow rather than momentum alone.
He cited Hyperliquid as an example of a project with actual revenue and cash flow that is gaining interest from traditional finance. By contrast, he said weaker altcoin ETFs tied to projects that cannot prove their fundamentals could even face liquidation. That points to a different capital allocation pattern in crypto than in earlier cycles.