Bitcoin (BTC) is about to reach a new record, the investment flows now the engine of the dominant market, according to Standard Chartered (Stan).
US SPOT Bitcoin Traded Funds (ETF) experienced $ 5.3 billion in the past three weeks, the investment bank said in the comments sent by e-mail on Thursday.
Adjustment for hedgerow base transactions, the real net flow is estimated at more than $ 4 billion, the bank said. Base trade is a strategy that exploits the difference between the Bitcoin cash price and the price of cryptocurrency on the long-term market.
The strategy (MSTR) increased its assets to 555,450 BTC, or 2.6% of the total future offer, which is locked at 21 million BTC. The company’s plan to raise $ 84 billion to buy more than the largest cryptocurrency in the world could bring its hiding place over 6%, wrote Geoff Kendrick, manager of research on digital assets at Standard Charterd.
Documents 13F of next week could reveal a new institutional adoption, said Standard Charterd. The sovereign fund of Abu Dhabi already holds Bitcoin ETF from Blackrock (IBIT), and the Swiss National Bank and the Norges Bank have disclosed positions in MSTR.
The New Hampshire adopted a Bitcoin reserve strategic bill this week, the first American state to do so, which signals the alignment of growing policies, added the report.
Given these developments, a Bitcoin target in the second quarter of $ 120,000 could be too conservative, said the bank, citing its previous forecasts.
The bank has a goal of end -of -year Bitcoin price of $ 200,000.
The largest cryptocurrency in the world was negotiated about $ 101,000 at the time of publication.
Find out more: Bitcoin to reach a new summit of all time around $ 120,000 in the second quarter, says Standard Charterd
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