Bitcoin’s Structural Shift: Grayscale’s New ETF and On-Chain Signals Point to Bullish Future

Grayscale Investments has launched the Bitcoin Adopters ETF (BCOR), providing equity exposure to companies with significant Bitcoin holdings. Concurrently, Glassnode’s analysis suggests Bitcoin may be exiting its corrective phase, signaling potential upward momentum. This development highlights growing institutional adoption and positive on-chain indicators for Bitcoin’s future.

Grayscale Launches Bitcoin Adopters ETF as Glassnode Signals BTC Structural Shift

Grayscale Investments has introduced the Bitcoin Adopters ETF (BCOR), offering equity exposure to companies holding substantial Bitcoin reserves. The fund targets firms with at least 100 BTC on their balance sheets, spanning multiple sectors united by BTC adoption.

Meanwhile, Glassnode’s analysis indicates Bitcoin may be emerging from its corrective phase. The blockchain analytics firm observes on-chain patterns suggesting a potential structural reset for BTC, though market participants remain divided on the timing of sustained upward momentum.

Bitcoin Price Tops $96K for First Time Since February Correction

Bitcoin surged past $96,000 in early May, marking a 28% rebound from April’s low of $75,000 and reaching its highest level since February’s steep correction. Institutional demand, including strategic acquisitions by treasury firms such as Strategy and Metaplanet, has driven the rally. Steady capital inflows through ETFs further underscore growing confidence in the asset.

Market analysts now view Bitcoin as transitioning from speculative instrument to institutional portfolio staple. The $100,000 psychological threshold appears increasingly plausible as adoption accelerates. This price action reflects broader recognition of cryptocurrency’s role in modern finance.

Bitcoin Miners with HPC Exposure Lag Behind BTC for Third Consecutive Month

Bitcoin mining firms diversifying into high-performance computing services continue to trail the cryptocurrency’s performance, marking a three-month underperformance streak according to JPMorgan analysts. The shift toward artificial intelligence infrastructure has failed to buoy share prices of publicly traded miners like Iris Energy, Riot Platforms, and others.

Network fundamentals compounded the sector’s challenges in April. A 6% monthly increase in hashrate to 56 EH/s coincided with a 6% decline in daily block rewards, squeezing miner profitability further. This divergence highlights the growing tension between operational scale and revenue potential in proof-of-work ecosystems.

Michael Saylor Predicts Bitcoin Could Reach $1 Million Amid Institutional Interest

MicroStrategy Executive Chairman Michael Saylor has doubled down on his bullish Bitcoin stance, suggesting the cryptocurrency could surge to $1 million per coin. His May 2025 tweet warns investors that traditional financial advisors will lag behind the market: "By the time your financial adviser says it’s OK to buy Bitcoin, it’ll cost $1 million."

The prediction comes as institutional adoption accelerates. Bitcoin’s scarcity and growing recognition as digital property continue driving its valuation thesis. Saylor’s company holds 214,400 BTC, worth approximately $15 billion at current prices, making it the largest corporate holder.

Bitcoin Reserves Decline, But Supply Shock Remains Elusive

Bitcoin’s price has stagnated between $91,500 and $95,800 since April 21, defying expectations of a near-term supply shock. Exchange reserves fell 15.35%, yet analysts argue this reduction alone cannot trigger meaningful scarcity.

Carmelo Aleman of CryptoQuant notes a true supply shock would require absorption of approximately 500,000 BTC alongside a 3-4x surge in Realized Capitalization. The market currently lacks the capital inflows necessary to create such conditions.

While traders anticipate breakout movements, on-chain metrics suggest Bitcoin remains far from the supply-demand imbalance that would drive sustained price appreciation. The narrative of impending scarcity appears premature given current market dynamics.