Citigroup Inc. said in a research note dated 25 July that it expects Bitcoin to trade at about $135,000 by the end of 2025, with a bullish scenario putting the world’s largest cryptocurrency as high as $199,000. The bank attributed the potential gains chiefly to persistent inflows into recently launched spot Bitcoin exchange-traded funds, estimating that more than 40% of the token’s price movements are now linked to ETF demand. Signs of growing speculative interest are already emerging: CoinDesk reported that an unidentified investor staked roughly $23.7 million on options that would pay off if Bitcoin tops $200,000 before year-end.