Standard Chartrads Jeffrey Kendrick, Bitcoin, head of digital assets research, said.BTCIt appears on the right path to reach new standard levels sooner than expected, driven by the installation of institutional flows and a global transformation in asseting assets.
In an investor note on May 8, shared with Cryptoslate, Kendrick said he initially expected $120,000 target price For the second quarter. However, it is now believed that this number may reduce market momentum.
books:
“I apologize that the Q2 Q2 USD120K goal may be very low.”
Based on the encryption data, Bitcoin has been traded at $ 101,751, an increase of 5.66 % over the past 24 hours.
Change the narration leads to flows
Kindrik said that the narration surrounding Bitcoin has dramatically in recent months, and the main encryption, which was seen primarily as a risk origin, is increasingly as a strategic reserve origin.
He argued that Bitcoin has eIt was photographed in a vehicle to re -customize the capital From traditional American stocks and to valuable alternative stores. He stressed that the assembly is not operated now through speculation, but through flows, especially from the traded investment funds and institutional buyers in the long term.
Kendrick note that the United States Bitcoin Spot investment funds are Take at $ 5.3 billion In the past three weeks, after setting the basic trading and short hedge situations, the net net flows are likely to be above $ 4 billion.
Kindrik added that the flows represent a significant increase in demand, which may drive prices up in the coming weeks.
Kindrik also referred to the increasing effect of representatives of companies and sovereignty in Bitcoin’s last performance. Strategy He has Bitcoin’s possessions increased To 555,450 BTC, or 2.6 % of the total offer that will be present at all.
The company’s plan can raise an additional $ 84 billion to finance more bitcoin purchases More than 6 % Of the total offer.
Sovereign adoption and state level
Meanwhile, sovereign wealth funds and central banks began to follow. Kendrick at the Abu Dhabi Center, which is 4,700 BTC, was martyred in IBIT from late December, and indicated that the long -term additional buyers have been joined since then.
It also highlighted the recent activity from the National Bank of Swiss and Norghas Bank in Norway, both of which started jobs in MSTR.
On the Politics Front, Kindrik informed New Hampshire Newly passed Bitcoin Strategic Bill as a possible turning point for adoption at the state level. Other states are expected to provide similar legislation aimed at integrating bitcoin into their treasury strategies.
As of May 8, Arizona also It was fully approved Create a bitcoin backup, while Texas is on the threshold of approval. Almost 11 other states are also in the process of making decisions on similar bills.
With more institutional disclosures expected next week via 13F files, Kendrick warned that Bitcoin’s path may continue to surprise the bullish direction.
Bitcoin market data
At the time of the press 9:51 pm UTC in May. 8, 2025and Bitcoin Classified No. 1 according to the maximum market and price is higher 6.06 % During the past 24 hours. Bitcoin has the market value of 2.03 trillion dollars With 24 -hour trading volume 61.74 billion dollars. Learn more about bitcoin ›
Summary of the encryption market
At the time of the press 9:51 pm UTC in May. 8, 2025And the value of the encryption market is estimated at 3.2 trillion dollars With the size of 24 hours from 142.66 billion dollars. Bitcoin dominance is currently in 63.51 %. Learn more about the encryption market ›
