Bitwise Predicts Solana Could Capture Institutional Returns After BTC and ETH - Cryptured.com

After Bitcoin (BTC) and Ethereum (ETH), Solana (SOL) may be the next cryptocurrency to see a significant price jump. According to Bitwise’s Chief Investment Officer (CIO), Matt Hougan, the components are in place for a “epic end-of-year run.”

Institutional Demand Positions Solana for Q4 2025 Upside

An end-of-year rally for Solana is being called by Bitwise CIO Matt Hougan, who claims that the cryptocurrency has all the necessary components for significant gains.

According to Hougan’s email to investors on Tuesday, spot exchange-traded fund (ETF) inflows and robust treasury buying are the main “recipe” for the price growth of Bitcoin and Ethereum thus far.

Bitcoin has risen from $40,000 in January 2024 to $113,000 in 2025, following the strategy of treasury and ETF inflows over the last 18 months. According to Hougan, Ethereum has had comparable outcomes since the emergence of ETH treasury firms this year, increasing its price from $1,500 in April to $4,500.

Saying that SOL had the “conditions to follow this path,” he cited a spike in treasury demand and growing expectations for US spot Solana ETFs.

Almost 9 million SOL have been stacked by Solana treasuries since April, with purchases totaling almost $2 billion. The Strategic SOL Reserve data shows that the overall treasury assets represent 1.55% of Solana’s entire circulating supply.

Furthermore, on Monday, Galaxy Digital, Jump Crypto, and Multicoin Capital pledged $1.65 billion in cash and stablecoins to help Forward Industries build its Solana treasury.

In the same way that Michael Saylor and Tom Lee have influenced Bitcoin and Ethereum, Hougan pointed out that designating Multicoin co-founder Kyle Samani as chairman may affect institutional demand for Solana.

According to Hougan, Samani will be able to propel investor demand if he can similarly spread the Solana message on CNBC, Bloomberg, and Fox Business.

However, the Securities & Exchange Commission (SEC) is very close to the deadline for making a decision regarding the spot Solana ETF applications from issuers like as Bitwise, Canary Capital, and 21Shares.

SOL products are among the most eagerly awaited regulatory approvals; analysts at Bloomberg ETF estimate their chances of approval are around 95%.

Hougan expressed optimism but warned that treasury accumulation and ETFs are not a surefire way to succeed. In contrast to Bitcoin and Ethereum, Solana’s market is smaller, so inflows might have a bigger effect on prices, he pointed out.

SOL is trading above $220 at the time of writing, up about 4% over the last day.