According to Jason Fang on Twitter, Bitcoin's price movement from $50,000 to $100,000 has been primarily fueled by institutional adoption through Bitcoin ETFs, while future growth beyond $100,000 is expected to be driven by the emergence of Bitcoin treasury companies in major markets by the end of 2025 (source: Jason Fang Twitter, June 2, 2025). This shift suggests traders should monitor developments in corporate Bitcoin treasuries for new momentum catalysts, as these entities may spark significant spot demand and liquidity in the crypto market.