May 2025. Bitcoin is trading above 103,000 dollars, but this seemingly dizzying figure could just be a warm-up. Because behind the scenes, a structural imbalance is being established: supply is melting away like snow in the sun, while institutional demand is skyrocketing. Some are already talking about a point of no return. Others, like Bitwise or Strategy, are betting on a price explosion — up to 200,000 dollars before the end of next year. Myth or inevitable mechanism? What is clear is that the race has begun and that the challenges