Standard Chartered Flags Soaring Bitcoin Demand, Suggests $120K Target May Be Too Modest
Bitcoin’s climb past $100,000 could be just the beginning, as real inflows into spot ETFs and mounting institutional adoption take center stage, according to Standard Chartered.
In a Thursday research note, the bank said U.S. spot bitcoin ETFs have received $5.3 billion in gross inflows over the past three weeks. After adjusting for basis trades typically used by hedge funds, net inflows still exceed $4 billion—pointing to significant long-term investor participation.
MicroStrategy has now amassed 555,450 BTC, or about 2.6% of the total eventual supply. Its plan to raise $84 billion to expand its holdings could increase that share to over 6%, the bank noted.
Next week’s 13F filings could show more traditional players entering the space. Abu Dhabi’s sovereign wealth fund is already exposed to BlackRock’s IBIT, while central banks in Switzerland and Norway hold positions in bitcoin-linked equities.
New Hampshire’s approval of a Strategic Bitcoin Reserve further reflects the shift in U.S. policy tone toward bitcoin.
Given these factors, Standard Chartered believes its previous Q2 target of $120,000 may underestimate bitcoin’s momentum. The firm is sticking with a $200,000 year-end forecast.
Bitcoin was trading near $101,000 at press time.
