Asset-management firm VanEck, which oversees roughly $133 billion, reaffirmed in a 18 August market report that it expects Bitcoin to trade at about $180,000 by the end of 2025. The forecast, first issued earlier this year, remains unchanged despite recent market turbulence. VanEck noted that Bitcoin briefly climbed to a record near $124,000 this month and pointed to a sharp rebound in derivatives activity. The funding rate on Bitcoin futures at the Chicago Mercantile Exchange has risen to roughly 9 percent, the highest since February, while implied volatility on listed options has slipped to about 32 percent, well below the historical average. The firm said the combination of renewed speculative demand, expanding corporate treasuries holding the token and subdued price swings supports its bullish outlook. VanEck cautioned that macroeconomic uncertainty could still trigger short-term volatility but believes structural adoption trends will keep the cryptocurrency on track for its year-end objective.