According to Standard Chartered (STAN), Bitcoin (BTC) is poised to win new records on the record, making investment flows dominant market drivers.
The US Spot Bitcoin Exchange Trade Fund (ETF) has seen an influx of $5.3 billion over the past three weeks, the investment bank said it commented in an email on Thursday.
In adjustments to hedge fund-based transactions, net real flow is estimated to be above $4 billion, the bank said. Basic trading is a strategy that utilizes the difference between spot prices for Bitcoin and cryptocurrency prices in the futures market.
The Strategy (MSTR) has increased its holdings to 555,450 BTC, or 2.6% of the total future supply, locking it to 21 million BTC. Geoff Kendrick, head of Digital Assets Research at Standard Chartered, writes that the company's plan to raise $84 billion to buy more of the world's largest cryptocurrency could raise its storage space to over 6%.
Standard Chartered said next week's 13th floor filing could reveal more institutional adoption. The Abu Dhabi Sovereign Fund already owns BlackRock's Bitcoin ETF (IBIT), with both Swiss National Bank and Nors Bank revealing their MSTR positions.
New Hampshire passed a strategic Bitcoin Reserve bill this week. This is the first US state to show growth policy alignment, the report added.
Given these developments, the $120,000 second-quarter Bitcoin goal may be too conservative, the bank said, citing previous forecasts.
The bank has a year-end Bitcoin price target of $200,000.
The world's largest cryptocurrency traded around $101,000 at the time of publication.
read more: Standard Chartered Bitcoin to achieve a new all-time high of around $120k in the second quarter
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