Bitcoin (BTC) is about to reach a new record, the investment flows now the engine of the dominant market, according to Standard Charterd (Stan).
US SPOT Bitcoin Traded Funds (ETF) experienced $ 5.3 billion in the past three weeks, the investment bank said in the comments sent by e-mail on Thursday.
Adjustment for hedgerow base transactions, 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 cash price and the price of cryptocurrency on the long-term market.
The strategy (MSTR) has increased its operating At 555,450 BTC, or 2.6% of the total future offer, which is locked at 21 million BTC. The plan of the company of Raise $ 84 billion To buy more cryptocurrency in the world, could bring its hiding place to more than 6%, wrote Geoff Kendrick, manager of digital asset research at Standard Chartered.
Documents 13F of next week could reveal a new institutional adoption, said Standard Charterd. Abu Dhabi sovereign fund already holds Bitcoin ETF from BlackRock (Ibit), and both the Swiss National Bank and Norges have disclosed positions in MSTR.
New Hampshire adopted a Bitcoin reserve strategic bill this week, the first American state to do so, which reports the alignment of growing policies, added the report.
Given these developments, a Bitcoin target in the second quarter of $ 120,000 could be too conservative, said the bank, citing its previous forecasts.
The bank has a goal of end -of -year Bitcoin price of $ 200,000.
The largest cryptocurrency in the world was negotiated about $ 101,000 at the time of publication.
Find out more: Bitcoin to reach a new summit of all time around $ 120,000 in the second quarter, says Standard Charterd
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