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Standard Chartered Says Bitcoin May Fall Short of 120 Thousand Dollars: Here’s Why! - Coin Bulletin
Standard Chartered Bank stated that Bitcoin's target of 120,000 dollars set for the second quarter may be low, and that there has been a net inflow of over 4 billion dollars in hedge fund transactions in the last three weeks when spot Bitcoin ETFs were corrected.
Bitcoin (BTC), evaluating the latest developments in the market, Standard Chartered stated that investment flows have now become the dominant driving force of the market and that the cryptocurrency is preparing to reach a new record level. In comments shared via email on Thursday, the bank noted that US spot Bitcoin ETFs have seen $5.3 billion in inflows over the past three weeks.
According to Standard Chartered, when a correction is made for basis trade transactions by hedge funds that benefit from the difference between the ( spot Bitcoin price and the price in the futures market, the actual net inflow is estimated to be over 4 billion dollars. This situation is seen as one of the key factors behind the rise in Bitcoin prices.
Geoff Kendrick, the head of digital asset research at Standard Chartered, stated that Strategy has increased its Bitcoin holdings to 555,450 BTC, which corresponds to 2.6% of the total future supply limited to )21 million BTC. He wrote that the company's plan to raise 84 billion dollars to buy more of the world's largest cryptocurrency could push its BTC holdings above 6% of the total supply.
The bank predicts that the 13F filings to be announced next week could reveal more institutional adoption. The report states that Abu Dhabi's sovereign fund currently owns BlackRock's bitcoin ETF (IBIT), while the Swiss National Bank and Norges Bank have disclosed their positions in MSTR.