According to Standard Chartered (Stan), Bitcoin (BTC) is ready to hit a new record high, now the major market driver with investment flows.
Intening bank on Thursday said in emailed comments that the US Spot Bitcoin Exchange-Treded Fund (ETFS) has seen $ 5.3 billion in the last three weeks.
The bank stated that adjustment for hedge fund basis trades, the pure actual flow estimates more than $ 4 billion. Aadhaar trade is a strategy that takes advantage of the difference between the spot price of bitcoin and the price of cryptocurrency in the futures market.
The strategy (MSTR) has increased its holdings up to 2.6% of 555,450 BTC, or total future supply, which is closed at 21 million BTCs. Jyoff Kendrick, head of Digital Assets Research at Standard Chartered, wrote, “The company’s plan to buy more than $ 84 billion to buy more of the world’s largest cryptocurrency may be more than 6%.”
The 13F filing of the next week can detect institutional adoption further, said Standard Chartered. Blacrock’s bitcoin ETF (IBT) is already in the Supreme Fund of Abu Dhabi, and both Swiss National Bank and Niger Bank have revealed the posts in MSTR.
New Hampshire passed a strategic Bitcoin Reserve Bill this week, the first American state to do so, indicating growing policy alignment, the report states.
Given these developments, the second-quarter bitcoin target of $ 120,000 can be very conservative, cited its previous forecast.
The bank has a $ 200,000 end end bitcoin price target.
The world’s largest cryptocurrency publication was trading around $ 101,000 on time.
Read more: Bitcoin Q2 says Standard Chartered to make new all-time high hits around $ 120K
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