Bitcoin’s bull run is going to continue—thanks to the big money institutions. 

That’s according to a report from global investment firm Bernstein, which said on Monday that investors should be prepared for a further rally in the asset and equities related to it. 

Analysts Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia wrote that the bull run was ignited by the prospect and later approval of Bitcoin exchange-traded funds in the U.S., and then pushed on by the election of crypto-friendly Donald Trump. More is to come, they said, as institutional cash continues to flow into the space. 

“The confluence of adoption by banks, institutional investors, corporates and eventually sovereigns (directly or via sovereign funds) is positioning Bitcoin as the clear challenger to gold,” the report read. 

The price of Bitcoin has hit new highs since the new Bitcoin ETFs started trading a year ago. And following the election of President Trump in November, the asset broke the long-anticipated $100,000 mark. 

CoinGecko shows that it’s now trading for $96,044 per coin—gains of over 86% in the past year. 

Bernstein analysts added Abu Dhabi’s sovereign wealth fund buying Bitcoin via the ETFs was bullish for the asset. 

Last week, a filing with the SEC showed that the Mubadala Investment Company—which manages investments for the Arab government—had spent $436 million buying shares of BlackRock’s spot Bitcoin ETF. 

Bitcoin and Ethereum ETFs allow those previously locked out of the world of crypto investing to do so by buying shares in funds that track the price of these assets and trade on American stock exchanges. 

Bernstein revealed data showing that top institutions—including Jane Street Group, Citadel Advisors, and Morgan Stanley—had all bought hundreds of millions of dollars in the funds. 

Bernstein analysts have previously predicted that the price of Bitcoin would hit $200,000 per coin by the end of 2025.