This is a segment from the Forward Guidance newsletter. To read full editions, subscribe<\/a>.<\/em><\/em><\/p>\n Just 11 days into the year\u2019s second half and we\u2019ve already seen bitcoin hit several new all-time highs \u2014 most recently eclipsing $118,000.<\/p>\n With a new bitcoin ATH marked on the 2025 second-half crypto bingo card, what more could we see over the next six months?<\/p>\n Before moving on from BTC price, the surge comes as corporate bitcoin buying<\/a> has swelled<\/a> and segment observers expect more institutional platforms to allow access to the asset.<\/p>\n Remember how Ledn CIO John Glover tries to predict bitcoin moves<\/a>? Well, he\u2019s still eyeing the $136,000 mark, but now thinks it will come quicker than originally thought (this year).\u00a0<\/p>\n <\/span><\/span>Source: TradingView<\/em><\/p>\n From there, Glover said he expects a subsequent correction to between $91,000 and $109,000 over time before ultimately moving higher again.\u00a0<\/p>\n Benchmark\u2019s Mark Palmer sees the most significant upcoming catalyst for the broader crypto ecosystem as the CLARITY Act \u2014 a framework to determine whether crypto tokens are commodities or securities \u2014 becoming law. Casey told us about \u201cCrypto Week<\/a>\u201d approaching.\u00a0\u00a0<\/p>\n \u201cWith the possibility of a huge regulatory rug-pull removed, institutional investors would have a green light to invest in the space in earnest,\u201d Palmer told me.\u00a0<\/p>\n When it comes to M&A in the space, an Architect Partners report<\/a> highlights that the 78 crypto M&A transactions in Q2 was by far a record. You might recall us writing about Ripple\u2019s buy of Hidden Road being one of a growing number of crypto-TradFi intersections<\/a>. A big crypto-crypto deal was Coinbase acquiring<\/a> derivatives giant Deribit.<\/p>\n Architect Partners founder Eric Risley believes we\u2019re at the beginning of a long-term uptrend in crypto M&A as the value prop for crypto\/blockchain has gained broader acceptance.<\/p>\n \u201cCertainly quarter to quarter will fluctuate, but the fundamental strategic drivers of M&A are now quite clear,\u201d he told me. \u201cParticipants will include existing crypto businesses and more importantly, traditional financial services organizations of all stripes \u2014 banks, traditional broker-dealers and payment businesses.\u201d<\/p>\n A major open question, Risely added, is what the next generation of dapps look like \u2014 beyond those focused on price speculation and payments.<\/p>\n As we chew on that one, the assets under management in crypto investment products hit an all-time peak of $188 billion at the rough halfway point, CoinShares data<\/a> shows.\u00a0<\/p>\n And that was before this week. It\u2019s been 18 months (to the day) since spot bitcoin ETFs made their US debut; net inflows<\/a> stand at $51 billion (after yesterday\u2019s near-record daily mark of ~$1.2 billion). US ether ETFs also saw their second-best daily inflow<\/a> total yesterday, at $383 million.<\/p>\n More crypto ETFs (single-asset and index) are expected to come this year, but timelines remain up in the air<\/a>. On that, Grayscale <\/em>shared some feelings<\/em><\/a> with the SEC.<\/em><\/p>\n Investors preferring crypto exposure via equities<\/a> will be watching for more public listings after Circle\u2019s IPO<\/a>. We\u2019ll keep an eye on companies like Gemini<\/a> and Kraken.<\/p>\n And continuing the tokenization conversation<\/a>, Bitwise and VanEck execs had predicted the tokenized securities market to hit $50 billion in 2025. It\u2019s about halfway<\/a> there.\u00a0<\/p>\n![\"\"\/](\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXex-agzmJq5WWqZQlANZotr37yTOFHfEf-cSieyFcEdakcQfnNF4X9BkhAuqHy1LDME-h7mAKNSDTBpm3Sk0H3lqk2tdwxbJ2F0jUGlsNgdtrfZE2otZbL1M-DUE9xPip27PHG5Ow?key=9Ng9diOA3d_F8dAiQWvjrQ\")