Bitcoin (Btc) has prepared to hit a new high record, with the investment flow today the dominant market driver, according to the Standard Chartered (STAN).
The US spot Bitcoin exchange-traded funds (ETF) has seen $ 5.3 billion in the past three weeks, the investment bank said Email comments Thursday.
Arranging for trading basis for fence funds, Net Real Flow is estimated to be more than $ 4 billion, the bank said. The basis of trade is an approach that exploits the difference between the Bitcoin area and the price of cryptocurrency in the Futures Market.
The approach (mstr) has increased the Handles At 555,450 BTC, or 2.6% of the total supply in the future, locked in 21 million BTC. The company plans to Raise $ 84 billion To buy more of the world’s biggest cryptocurrency can bring stash to more than 6%, written by Geoff Kendrick, head of Digital Assets research in Standard Chartered.
Next week the 13F filing can reveal further institutional adoption, Standard Charter said. Abu Dhabi’s Sovereign Fund Holding the Blackrock’s Bitcoin ETF (Ibit), and both the Swiss National Bank and Norges has revealed positions in MSTR.
New Hampshire Passing a Strategic Bitcoin Reserve Bill this week, the first US state to do so, which indicates a growing policy alignment, the report added.
Due to these developments, a second-quarter bitcoin target of $ 120,000 could be too conservative, the bank said, mentioning the previous forecast.
The bank has a bitcoin price target of Bitcoin price of $ 200,000.
The world’s largest cryptocurrency is trade around $ 101,000 at the time of publication.
Read more: Bitcoin to hit the new all-time high around $ 120k in Q2, says Standard Chartered
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