The cryptocurrency continues to set new records as investors remain bullish on its growth. Just last week, bitcoin once again found six-figure territory, soaring past US$100,000 to be trading around US$104,000 on Monday (12 May).
As of Thursday (15 May), it was trading slightly lower at below US$103,700. Looking at year-to-date, bitcoin is up some 11 per cent from approximately US$93,400 in January, and nearly 40 per cent from a low of US$75,000 in April.
The digital asset is now projected to soar past new highs at the end of the year, with Australian ETF provider Global X upgrading its price target for bitcoin from US$150,000 to US$200,000 by year-end.
In a statement on Thursday, Global X investment strategist Justin Lin said this was due to a number of favourable conditions fuelling optimism, such as improving market sentiment, a favourable Trump administration, and rising digital asset investment from both institutional and retail markets.
This is evident in the growth of global bitcoin exchange-traded funds (ETF), with investors adding US$2.9 billion to bitcoin ETFs in April, Global X data showed. This reflects a sharp reversal from February and March, when over US$5 billion in total was pulled from the space.
Meanwhile, Australian bitcoin ETFs have garnered inflows of $148 million this year so far, more than double the $68 million recorded over the same period in 2024.
“Unlike the US, Australian investors have been consistent net buyers of bitcoin ETFs throughout 2025,” Lin said. “In April, local bitcoin ETFs saw $20.5 million in new flows, up sharply from $6.9 million in March 2025.”
The revival of political engagement surrounding digital assets in recent days, particularly from the world’s largest economic player, has also been a notable contributor, the investment strategist said.
“The upcoming Trumpcoin-holder’s dinner on May 22 may mark a turning point. The event could serve as a launchpad for broader crypto-friendly rhetoric and renewed regulatory commitments from the Trump government around cryptocurrencies. Any such pivot would inject momentum into the cryptocurrency sector,” Lin said.
Additionally, he acknowledged the accelerating de-dollarisation trend as another factor supporting bitcoin’s expected rise.
“Recent geopolitical developments and global investor diversification away from US dollar-denominated assets such as US Treasuries have elevated bitcoin’s status as a non-sovereign alternative.”
With these catalysts in mind, Global X believes US$200,000 is an “increasingly achievable” price target for the digital asset to hit.
Lin continued: “This revised target assumes that all key catalysts align – political engagement, institutional rotation, and a favourable macro environment. While there are always risks and uncertainties, should these factors come together as expected, this price level is increasingly achievable.”
However, structural and situational risks do still remain, Global X stated, especially in relation to regulatory uncertainty, which could negatively impact institutional investment in bitcoin.
“While there’s been some political re-engagement with cryptocurrencies, especially in the US, government policy globally continues to be fragmented, with no clear framework for how digital assets are treated across securities and tax law. This lack of clarity could suppress institutional participation in bitcoin and heighten price volatility,” the investment strategist added.
In Australia, local digital asset players have been urging the Albanese government to draft fit-for-purpose cryptocurrency legislation, given the government had committed to providing regulatory clarity for cryptocurrency assets prior to the election.
Echoing Global X’s ETF data, VanEck recently said bitcoin had replaced gold as the asset class “du jour” after staging a breakout in the second half of April.
“Bitcoin’s late-stage outperformance reflects a renewed risk appetite following pauses in tariff escalation, with the cryptocurrency further serving as a potential hedge amid fiscal instability and shifting global currency dynamics,” VanEck said.
As a result, the Monochrome Bitcoin ETF (IBTC) was the highest-performing Australian ETF vehicle for the month, returning 13.3 per cent in April, it found.
This was followed by the Betashares Crypto Innovators ETF (CRYP) with returns of 11.9 per cent, the Betashares Bitcoin ETF (QBTC) at 11.2 per cent, and the VanEck Bitcoin ETF (VBTC) at 10.4 per cent.
