IOSG co-founder Jocy has identified 2025 as a pivotal year for the cryptocurrency market, highlighting a significant shift towards institutional ownership, which now stands at 24%. Retail investors have largely exited, with a 66% reduction. Despite a 5.4% decline in Bitcoin's price this year, the market saw a peak of $126,080. Jocy describes the current phase as an institutional accumulation period rather than a bull market peak. He predicts Bitcoin will trade between $87,000 and $95,000 over the next 3 to 6 months, with a target of $120,000 to $150,000 in early 2026. Key factors influencing this outlook include U.S. midterm elections, regulatory changes, and the expansion of ETF infrastructure.