Bitcoin (BTC) is ready to reach a new record, with investment flows now the dominant market driver, according to Standard Chartered (Stan).
The Funds (ETF) quoted by Bitcoin Bitcoin of the USA have seen $ 5.3 billion in tickets in the last three weeks, said the investment bank in comments sent by email on Thursday.
Adjusting the base operations of coverage funds, 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 spot price and the price of cryptocurrency in the futures market.
The strategy (MSTR) has increased its participations to 555,450 BTC, or 2.6% of the total future supply, which is blocked at 21 million BTC. The company’s plan to raise $ 84 billion to buy more than the largest cryptocurrency in the world could lead to more than 6%, Geoff Kendrick, head of digital asset research at Standard Chartered wrote.
The 13F presentations next week can reveal additional institutional adoption, said Standard Chartered. ABU Dhabi’s sovereign background already has the ETF Bitcoin of Blackrock (Ibit), and both the National Swiss Bank and Bank Norges have revealed positions in Mstr.
New Hampshire approved a Bitcoin reserve strategic bill this week, the first US state. In doing so, indicating the growing policy alignment, the report added.
Given these developments, a Bitcoin objective of the second quarter of $ 120,000 can be too conservative, said the bank, citing its previous prognosis.
The bank has an objective price of the year’s year of the year of $ 200,000.
The largest cryptocurrency in the world quoted around $ 101,000 at the time of publication.
Read more: Bitcoin will reach a new historical maximum around $ 120K in the second quarter, Standard Chartered says
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