Speaking in an interview with CNBC on April 28, Chung pointed to growing institutional adoption and the expansion of global liquidity as the primary factors behind his bullish stance.

While acknowledging that this year’s macroeconomic conditions have not unfolded as initially expected, Chung described the recent market pullbacks as “healthy corrections,” suggesting they have laid a stronger foundation for Bitcoin’s rise as a mainstream financial asset.

“Looking back, I believe these corrections were necessary steps that have paved the way for Bitcoin’s long-term revaluation,” he said.

Bitcoin’s Dual Identity: A Risk Asset and Digital Gold

Chung also emphasized Bitcoin’s unique nature, explaining that it typically acts as a high-risk investment driven by user adoption and network expansion.

However, during times of financial instability — such as the Russia-Ukraine conflict in 2022 or the collapse of Silicon Valley Bank in 2023 — Bitcoin has often behaved like a safe-haven asset similar to gold.

“These instances are rare,” Chung noted, adding that Bitcoin tends to assume this role only when confidence in the US dollar-centered financial system weakens.

Although Bitcoin recently lagged behind gold amid market turbulence, Chung remains confident that BTC could catch up and potentially outperform traditional safe-haven assets by the end of the year.

He also reiterated Presto’s positive outlook on Ethereum, mentioning that their valuation models based on the ETH-to-BTC ratio still hold strong, driven by ongoing network improvements.

Institutional Demand Drives Bitcoin to $94,000

Supporting Chung’s perspective, Bitwise CEO Hunter Horsley recently highlighted on X that Bitcoin’s climb to $94,000 has been largely fueled by institutional investors, while retail participation remains historically low.

According to Horsley, major buyers now include financial advisors, corporations, and even sovereign entities, signaling a shift in the market’s structure.

“The types of investors entering the Bitcoin market are evolving,” Horsley commented, underlining the growing sophistication of market participants.

Meanwhile, data from BitcoinTreasuries.NET reveals that corporate Bitcoin holdings have now reached nearly $65 billion.

Recent analyses by Standard Chartered and Intellectia AI suggest that demand from ETFs and investors seeking to hedge against macroeconomic risks could potentially more than double Bitcoin’s price within this year.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Could Bitcoin Soar to $210K by 2025? Presto’s Research Chief Remains Optimistic appeared first on Coin Engineer.

At the time of writing, Bitcoin is selling for about $56,480; ether traded down 5.6% at $2,377. Over the past day, the crypto market as a whole dropped 4.8%.

Head of research at Presto Research, Peter Chung, claimed that the loss was mostly caused by the poor August ISM data released overnight, which “led to a sell-off across all TradFi risk assets.” Though it stayed in the contraction area, the U.S. ISM manufacturing index for August came in at 47.2%, up 0.4 percentage points from July.

According to Chung, the 4% drop in Bitcoin over the past day happened in two steps. “The first fall is actually quite moderate, compared to its 17% fall during the August 5 market meltdown which was due to the same growth scare. This suggests the Bitcoin market was more efficient in discounting the growth risk than TradFi.”

“In my view, the second step is a knee-jerk reaction to the weak Asian stock market this morning by the Asia-based investors. TOPIX, KOSPI are all down quite a bit this morning. But overall, the 4% fall is still moderate for Bitcoin considering the magnitude of the fall in TradFi markets.” Chung stated.

While South Korea’s KOSPI dropped 2.46% so far this morning, Japan’s TOPIX benchmark plummeted 2.7% during the early session at time of writing. Tuesday saw chipmaker Nvidia lose 9.5% in the United States.

“With the long weekend that took place [in the U.S.], most assets — traditional and crypto — are digesting bearish sentiment. Crypto, being more volatile and one of the few markets open 24/7, has felt the brunt of this,” Justin d’Anethan, head of APAC business development of crypto market maker Keyrock,

Investors are also considering the possible influence of the non-farm payroll data set scheduled for Friday publication. “September will be a busy month with a mood-setting NFP this Friday and an almost guaranteed Fed rate cut in about two weeks. Investors will get a confirmation of the degree of the economic slowdown,” said Augustine Fan, head of insights at SOFA.org.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Bitcoin Drops 4.5% Amid U.S. Stock Selloff appeared first on Coin Engineer.