1 month ago
Bitcoin (BTC) is poised to deed a caller grounds high, with concern flows present the ascendant marketplace driver, according to Standard Chartered (STAN).
U.S. spot bitcoin exchange-traded funds (ETFs) person seen $5.3 cardinal successful inflows implicit the past 3 weeks, the concern slope said successful emailed comments Thursday.
Adjusting for hedge money ground trades, nett existent travel is estimated astatine implicit $4 billion, the slope said. The ground commercialized is simply a strategy that exploits the quality betwixt the spot terms of bitcoin and the terms of the cryptocurrency successful the futures market.
Strategy (MSTR) has accrued its holdings to 555,450 BTC, oregon 2.6% of full aboriginal supply, which is locked astatine 21 cardinal BTC. The company's program to raise $84 billion to bargain much of the world's largest cryptocurrency could bring its stash to implicit 6%, wrote Geoff Kendrick, caput of integer assets probe astatine Standard Chartered.
Next week’s 13F filings whitethorn uncover further organization adoption, Standard Chartered said. Abu Dhabi’s sovereign fund already holds BlackRock's bitcoin ETF (IBIT), and some the Swiss National Bank and Norges Bank have disclosed positions successful MSTR.
New Hampshire passed a Strategic Bitcoin Reserve measure this week, the archetypal U.S. authorities to bash so, which signals increasing argumentation alignment, the study added.
Given these developments, a second-quarter bitcoin people of $120,000 whitethorn beryllium excessively conservative, the slope said, citing its erstwhile forecast.
The slope has a year-end bitcoin terms people of $200,000.
The world's largest cryptocurrency was trading astir $101,000 astatine work time.
Read more: Bitcoin to Hit New All-Time High Around $120K successful Q2, Standard Chartered Says
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