Bitcoin's price in 2025 is primarily influenced by exchange-traded products (ETPs) rather than onchain demand, according to The Market Periodical. Bitwise's head of research, André Dragosch, noted that the approval of 11 Bitcoin ETFs by the US SEC in January 2024 has enabled institutional investors to access Bitcoin, significantly impacting its price dynamics. The correlation between Bitcoin ETF flows and price direction has strengthened, with ETP trading volumes now matching onchain transactions. This shift has resulted in reduced network congestion and stabilized fees, although it presents challenges for miners who depend on onchain activity. Despite these challenges, Bitcoin's price continues to rise, driven by ETP demand surpassing new supply, especially following the halving event. This trend highlights the increasing influence of ETPs on Bitcoin's market performance.