Bitcoin (BTC) Q2 Price Target of $120K May Be Too Conservative: Standard Chartered
Bitcoin's $120K Q2 Target May Be Too Optimistic: Standard Chartered
According to the bank, net inflows into spot bitcoin ETFs over the past three weeks have amounted to more than $4 billion, including hedge fund-based deals.
Author: Will Canny | Edited by: Sheldon Reback Updated: May 8, 2025, 6:30 PM Published: May 8, 2025, 4:14 PM
Key points:
- Standard Chartered says its $120,000 Q2 Bitcoin price target may not be ambitious enough.
- The bank says net inflows into spot Bitcoin ETFs over the past three weeks have totaled more than $4 billion, including hedge fund-based trades.
- Analyst Jeff Kendrick notes that Strategy's Bitcoin holdings could increase to more than 6% of the cryptocurrency's total future supply.
Bitcoin (BTC) is on track to hit a new all-time high as investment flows now act as a key driver in the market, according to Standard Chartered (STAN).
The investment bank said in emailed comments on Thursday that U.S. spot bitcoin ETFs have received $5.3 billion in inflows over the past three weeks.
The net real flow is estimated at more than $4 billion, including hedge fund basis trades, according to the bank. A basis trade is a strategy that exploits the difference between the spot price of bitcoin and the price of the cryptocurrency on the futures market.
Strategy (MSTR) has increased its holdings to 555,450 BTC, representing 2.6% of the total future supply, which is set at 21 million BTC. The company’s plan to raise $84 billion to buy more of the world’s largest cryptocurrency could increase its holdings to more than 6%, writes Jeff Kendrick, head of digital asset research at Standard Chartered.
Standard Chartered also reports that 13F filings next week could show further institutional adoption. The Abu Dhabi sovereign wealth fund already owns BlackRock's Bitcoin ETF (IBIT), while the Swiss National Bank and Norges Bank have disclosed their positions in MSTR.
The report also noted that New Hampshire passed a bitcoin strategic reserve bill this week, becoming the first U.S. state to do so, signaling growing policy alignment.
Given these developments, the $120,000 bitcoin price target for the second quarter may be too cautious, the bank said, citing its previous forecast.
The bank's year-end Bitcoin price target is $200,000.
At the time of publication, the price of the world's largest cryptocurrency was approximately $101,000.
Additional information: Bitcoin to hit new all-time high near $120,000 in Q2, Standard Chartered reports
Disclaimer: Some parts of this article were generated using AI tools and reviewed by our editorial team to ensure accuracy and adhere to our standards. For more information, see CoinDesk's full AI policy.
