Bitcoin (BTC) is ready to hit a new record high, with investment streams now the dominant market driver, according to Standard Chartered (Stan).
US Spot Bitcoin Exchange-Traded Funds (ETFS) has seen $ 5.3 billion in influx in the past three weeks, the investment bank said on Thursday.
Adaptation of Hedge Fund Basic Dealers is estimated Net Real Flow to over $ 4 billion, the bank said. The basic trade is a strategy that exploits the difference between the spot price of Bitcoin and the price of cryptocurrency in the futures market.
Strategy (Mstr) has increased its holdings to 555,450 BTC or 2.6% of the total future supply locked at 21 million BTC. The company’s plan to collect $ 84 billion to buy more of the world’s largest cryptocurrency could bring its stash to over 6%, wrote Geoff Kendrick, head of Digital Assets Research at Standard Chartered.
Next week’s 13F archiving can reveal additional institutional adoption, Standard Chartered said. Abu Dhabis SOVEREIGN Fund already has Blackrocks Bitcoin ETF (IBIT), and both Swiss National Bank and Norges Bank have revealed positions in Mstr.
New Hampshire adopted a strategic Bitcoin Reserve Calculation this week, the first US state to do what signalizes growing political adaptation, the report added.
Given this development, another quarter Bitcoin target of $ 120,000 may be too conservative, the bank said, referring to its previous forecast.
The bank has a target of the year after the end of $ 200,000.
The world’s largest cryptocurrency traded about $ 101,000 upon publication time.
Read more: Bitcoin to hit new all the time high about $ 120,000 in 2nd quarter, says Standard Chartered
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