On Aug. 18, 2025, ETF and mutual fund manager VanEck released a new report studying Bitcoin price trends between mid-July and mid-August. VanEck analyst Nathan Frankovitz and Head of Digital Assets Research Matthew Sigel predict that BTC will reach $180,000 by the end of the year, while noting discrepancies in Bitcoin mining companies’ market performance and declining mNAV of Digital Asset Treasuries. 🤯
mNAVs are down for MSTR (-16%), for MTPLF (-62%), and for SMLR (-12%). As Bitcoin volatility settles, it becomes harder for DATs to issue convertible debt to acquire more BTC. Because nothing says “financial health” like a 62% drop. 💸
Bitcoin ordinals spike
Another notable trend is the 43% 30-day growth of ordinals minted on the Bitcoin blockchain. The total amount of ordinals minted in 30 days amounts to 109,779. Compared to August of 2024, this amount has grown by 120%. 🖼️
This surge in minting Bitcoin blockchain-based images and other non-monetary data reflects the ongoing debate over the idea of removing the 83-byte-per-block limit for arbitrary information. The implementation removing the limit will come into effect for Bitcoin Core nodes in October, allowing for more ordinals per block, which can possibly slow down monetary transactions. Because nothing says “innovation” like slowing down transactions. ⏳
Predictions
Looking at the near future, VanEck points to the possibility of a volatility spike, which in turn can amplify price swings via dealer hedging. VanEck expects a further decline in DATs’ mNAVs as they will have limited ability to raise capital due to a long period of low volatility. While the report authors provide both bearish and bullish scenarios, they claim that by year-end, Bitcoin will reach $180,000. Because nothing says “certainty” like a prediction. 🤯
In December 2024, Matt Sigel was predicting that Bitcoin would reach $180,000 in the first quarter of 2025 before going through a 30% correction. In fact, the Q1 peak was well below $110,000. April saw a short-term 25% drop. Given that the current Bitcoin price is much higher than the December 2024 price, the $180,000 bet is considerably less bullish. Because nothing says “bullish” like a 30% correction. 📉
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2025-08-20 00:18