Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered, said Bitcoin (BTC) will emerge in orbit and reach new record highs faster than expected when it is driven by global changes in institutional influx installations and asset allocation.
In a May 8 investor note shared with Cryptoslate, Kendrick said he initially predicted a price target of $120,000 in the second quarter. But he now believes that this number may underestimate market momentum.
He wrote:
“I apologize for the possibility that my USD120K Q2 target may be too low.”
Based on encrypted data, Bitcoin was trading at $101,751, up 5.66% in the last 24 hours.
The story of the shift leads to flow
Kendrick said the story about Bitcoin has changed dramatically in recent months, with flagship cryptography, once considered primarily a risky asset, increasingly being seen as a strategic reserve asset.
He argued that Bitcoin has evolved from traditional US stocks into a means of reallocating capital, and into a valuable alternative. He emphasized that the rally is now driven not by speculation but by flows, particularly from ETFs and long-term institutional buyers.
Kendrick said US-listed Spot Bitcoin ETF has won $5.3 billion in the last three weeks, and that the estimated net flow is likely to exceed $4 billion after adjusting for base trading and short hedge positions.
Kendrick added that the inflow represents a massive surge in demand that could boost prices in the coming weeks.
Kendrick also pointed to the growing influence of corporate and sovereign actors in Bitcoin's recent performance. The strategy increased Bitcoin holdings to 555,450 BTC, or 2.6% of the total supply that exists.
The company's plan to raise another $84 billion to fund Bitcoin purchases could result in total stocks being more than 6% of the total supply.
Sovereignty and state level recruitment
Meanwhile, sovereign wealth funds and central banks are beginning to follow suit. Kendrick cited Abu Dhabi's 4,700 BTC equivalent position in IBIT as of late December, saying it is likely that additional long-term buyers have been participating since then.
He also highlighted recent activities from the Swiss National Bank and Norges Bank of Norway. Both started positions on MSTR.
Policy-wise, Kendrick has flagged New Hampshire's newly passed strategic Bitcoin Reserve bill as a potential turning point for US-level adoption. He hopes other states will introduce similar legislation aimed at incorporating Bitcoin into their financial strategies.
As of May 8, Arizona has fully passed the law establishing the Bitcoin Reserve Fund, but Texas is at the pinnacle of approval. Almost 11 states are in the process of making decisions on similar bills.
With more institutional disclosures expected through the filing of 13F next week, Kendrick warned that Bitcoin's trajectory could continue to remain astounding.
When reporting 9:51pm in May. 8, 2025Bitcoin ranks number one in terms of market capitalization, and prices are rising 6.06% Over the past 24 hours. Bitcoin's market capitalization is $2.03 trillion, with a 24-hour trading volume of $61.74 billion. Learn more about Bitcoin›
When reporting 9:51pm in May. 8, 2025The total amount in the Crypto market is $3.2 trillion, with a 24-hour volume of $14.266 billion. Bitcoin's advantage is currently 63.51%. Crypto Market Details›
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