According to David Puell, the determining factor for Bitcoin's growth in the coming years will not be the strength of investor faith in the asset, but the volume of invested capital.
Additional factors driving the cryptocurrency's price growth will include an influx of funds into spot Bitcoin ETFs, a decrease in the asset's volatility, and a easing of the US Federal Reserve's monetary policy, the expert suggested.
With the launch of spot Bitcoin ETFs in 2024 and the rapid shift in digital asset management strategies, Bitcoin has surpassed a "significant institutionalization threshold" and "entered a more mature phase," Puell asserted. Large public companies now control approximately 12% of the total BTC supply, significantly exceeding market expectations. This demand has been the main factor determining price movement in 2025, and this trend could continue into 2026, the Ark Invest analyst concluded.
Earlier, Arthur Hayes, co-founder and former CEO of crypto exchange BitMEX, predicted that Bitcoin would reach a new all-time high this year. The rally was driven by expanding dollar liquidity in the markets.