IOSG Founding Partner Jocy Calls 2025 Darkest Crypto Year, Sees Institutional Era Dawn and $120,000–$150,000 BTC Target by Mid-2026

IOSG founding partner Jocy wrote on social media on Dec. 21 that 2025 will mark the darkest year for crypto markets yet also signal the dawn of the institutional era, citing data that show institutions now hold 24% of BTC while retail participation fell 66%, even as Bitcoin reached an all-time high of $126,080 before closing the year down 5.4%. Jocy argued current conditions reflect an institutional accumulation phase rather than a bull-market top, noting that ETFs attracted $25 billion in inflows despite BTC's 5% annual decline. He outlined a short-term trading range of $87,000–$95,000 over the next three to six months, a mid-term target of $120,000–$150,000 by the first half of 2026 driven by policy tailwinds and institutional demand, and expected heightened volatility in the second half of 2026 tied to U.S. midterm elections and policy continuity. Jocy added that key 2026 catalysts include progress on a market structure bill, potential expansion of strategic Bitcoin reserves, and post-election policy follow-through, stating that as market structure shifts fundamentally, old valuation frameworks no longer apply and new pricing dynamics are taking hold.