Analyst Sees Bitcoin Beyond $175K as Market Structure Shifts

“The market structure has fundamentally shifted.”

The analyst views exchange-traded funds (ETFs) as a source of more persistent ownership. During a Sept. 1 interview, his assessment of bitcoin’s recovery connected improving sentiment with a short squeeze, providing another component of his argument for a new price cycle.

Bank Lending Expands Bitcoin’s Financing Channels

Diversified miners, corporate treasuries, and more transparent exchanges form other parts of Vieten’s assessment of reduced selling pressures. He points to artificial intelligence and high-performance computing as potential sources of capital for mining businesses. Corporate holders, in his view, have low leverage and capital spending requirements, while on-chain trading platforms provide greater visibility into activity.

Bank lending against ETF shares gives eligible borrowers access to financing secured by bitcoin exposure within conventional financial institutions. JPMorgan’s bitcoin ETF collateral plans were reported in June 2025, and Vieten says major banks, including JPMorgan, now accept Blackrock’s iShares Bitcoin Trust (IBIT) as collateral. Borrowers can pledge fund shares without selling them, extending financing options beyond cryptocurrency platforms.