$BTC

Coinbase Institutional published a bullish forecast for the cryptocurrency market for the second half of 2025, predicting new record values for Bitcoin, while also warning of emerging systemic risks stemming from the rapid increase in Bitcoin adoption by corporations.

The latest monthly forecasts from the exchange reveal a shift in the corporate market. According to BitcoinTreasuries, 130 public companies currently hold 820,542 BTC worth approximately 88 billion dollars, compared to just 89 companies in April.

This corporate trend related to Bitcoin, driven by new accounting rules coming into effect in December 2024, has led to what Coinbase describes as a 'cloning attack' scenario, where numerous companies mimic MicroStrategy's early Bitcoin treasury strategy using leveraged financing mechanisms.

The regulatory changes in 2024-2025 have opened the doors for cryptocurrency adoption by corporations. Research firm Bernstein forecasts that by 2029, corporations could collectively invest up to 330 billion dollars in Bitcoin.

However, David Duong, global head of research at Coinbase, warns that the emergence of publicly traded cryptocurrency financial instruments (PTCV), whose sole purpose is to accumulate Bitcoins, introduces significant systemic risk to the broader cryptocurrency ecosystem.

As he stated, these risks manifest as forced selling pressure resulting from the maturity of convertible bonds and discretionary selling that could trigger liquidations across the market.