Bernstein analysts predict that spot Bitcoin ETFs are on the cusp of approval at major wirehouses and large private bank platforms, potentially driving the next wave of institutional adoption of cryptocurrencies. This development is expected to occur in Q3/Q4 of this year. Bernstein maintains a $200,000 price target for Bitcoin by the end of 2025. MicroStrategy ($MSTR) is highlighted as pioneering Bitcoin capital markets and developing institutional demand for bitcoin-linked convertibles. The approval of Bitcoin ETFs is anticipated to involve major financial institutions, including those managing $779 billion in assets. However, 80% of Bitcoin ETF inflows are currently driven by retail investors, according to BlackRock and Ark Invest.