VanEck Releases Bitcoin On-Chain Health Report: Firmly Bullish to $180,000! Institutional Funds Become Core Support, Mining Companies Transform and Holdings Profit Reveal Insights.

Top ETF issuer VanEck today released the "Mid-August 2025 Bitcoin On-Chain Health Report" (Mid-August 2025 Bitcoin ChainCheck), which reaffirms its year-end target price of $180,000 after in-depth analysis of BTC core data. The report points out that despite the strong capital inflow into Ethereum spot ETFs and the cooling of Ordinals activity leading to a decline in Bitcoin's on-chain dominance, institutional capital (especially the balance sheet allocations of listed companies led by Strategy) continues to flow in, effectively suppressing volatility; miner income reaches new highs, coupled with the expansion of U.S. mining companies' computing power share, showing strong fundamental resilience. The only potential risk lies in: if BTC experiences long-term low volatility or weakens companies' ability to finance coin purchases, it may amplify selling pressure. VanEck believes that autumn macro variables and seasonal capital inflows may trigger profit-taking, but it is unlikely to change the long-term bull run trend.

VanEck Reaffirms $180,000 Year-End Target, Institutional Funds Building Bull Run Foundation

Global renowned ETF issuer VanEck (whose Bitcoin Spot ETF has been approved) today released the "Mid-August 2025 Bitcoin On-Chain Health Report." Based on long-term tracking research of key market trends, the institution reaffirms its optimistic outlook on Bitcoin—with a target price of $180,000 by the end of 2025. The report clearly states: "As autumn approaches, multiple intertwined risks and opportunities emerge. The evolution of the macro economy and seasonal investor inflows may extend the Bitcoin uptrend, but could also trigger profit-taking. Nevertheless, we maintain our price target of $180,000 for BTC by year-end." As an institution with a solid market research background, VanEck's report supports its bullish stance through multiple core on-chain data.

On-chain Data Deep Analysis: Profit Positions Reach 92%, Institutional Buying Becomes the "Stabilizing Force"

VanEck's report highlights the core on-chain indicators supporting its bull run assertion:

1. Ultra-high profit holding ratio: On the eve of BTC reaching a new historical high, 92% of on-chain holdings are already in profit, laying a solid foundation for price breakthrough.
2. Institutional funds continue to support the market: The report emphasizes that despite the large inflow of institutional funds into Ethereum (ETH) spot ETFs, publicly listed companies represented by Strategy continue to buy Bitcoin, which not only maintains BTC price stability but also stimulates a new round of investment interest in the market. This corporate capital force effectively reduces market fluctuation.
3. Declining Dominance ≠ Crisis: VanEck acknowledges that Bitcoin's on-chain activity dominance (mainly due to a sharp drop in Ordinals protocol usage) has significantly lost to Ethereum, but believes this is not a fundamental issue for Bitcoin. The strong support from institutional funds has cushioned this impact.
4. Mining health exceeds expectations: Bitcoin mining difficulty reached a historic high last month, but miner income surged simultaneously, and the industry's profitability has not been eroded. The report specifically mentions some business diversification adjustments made by mining company TeraWulf (partial pivot away), but does not list it as a negative factor. At the same time, with market consolidation, U.S. mining companies continue to expand their global computing power share, enhancing network stability.

Potential Risk Warning: The "Double-Edged Sword" of Corporate Coin Purchasing Power and Low Fluctuation

Despite the overall optimism, VanEck also pointed out a potential risk that cannot be ignored: the Bitcoin holdings of listed companies could trigger a significant correction in the future. The logic is that if Bitcoin prices maintain a low fluctuation state for a long time, it will weaken these companies' ability to raise funds through the capital markets (such as issuing stocks or bonds) to continue purchasing Bitcoin. This decline in financing capability may, in turn, amplify the magnitude of price drops when the market turns. This warning reveals the hidden liquidity risks in a market dominated by institutions.

Conclusion

VanEck's target price of $180,000 is not unfounded; its underlying logic is deeply rooted in on-chain data and institutional behavior analysis: the extremely high profit holding ratio reflects market confidence, and the continuous buying by "whales" like Strategy builds strong support. The increase in mining revenue and concentration of computing power reflects network health. However, institutional deep involvement is like a double-edged sword—the reliance of corporate balance sheets on BTC creates a subtle game between their financing ability and the low volatility of coin prices, and this risk point requires investor vigilance. Looking ahead to the fall, the shift in macro policies (such as interest rate cuts by the Federal Reserve) and the seasonal return of institutional funds will be critical variables. Short-term profit-taking may trigger fluctuations, but the core conclusion of the VanEck report is clear: under the wave of institutionalization, Bitcoin's long-term trajectory towards $180,000 remains solid. Investors should pay attention to on-chain holding changes, publicly traded companies' coin purchasing dynamics, and macroeconomic data to seize opportunities for adjustment.