According to Standard Chartered’s Geoffrey Kendrick, Bitcoin is showing signs of reaching new height records earlier than anticipated, with it currently trading at $101,751. In a May 8 investor note, he admitted that his “ $120K Q2 target may be too low” based on the momentum of the market and a new perception on Bitcoin.
Institutional Adoption Surge
Data showed that there is currently approximately $5.35 billion dollars of US-listed spot Bitcoin ETFs. These inflows have been raised in only 3 weekss with approximately over $ 4 billion in inflows . This rally is not speculative but rather is based on significant capital flows which, in turn, are dominated by ETF and institutional money realigning out of the traditional equities and into alternative vaults.
Corporate and Sovereign Interest
Large corporations are adding to their Bitcoin holdings. One of them now holding approximtaley 2.5% of the total supply and planning to raise $85 billion dollars. Sovereign wealth funds are in turn, Abu Dhabi owns 4,700 BTC-equivalent positions while banks such as the Swiss National Bank are opening Bitcoin related investments.
State-Level Adoption
New Hampshire’s Strategic Bitcoin Reserve bill is a turning point for multiple US state regarding adoption. Furthermore, Arizona also passed on Bitcoin reserve fund legislation. On the other hand, Texas is not far behind with about 11 other states considering similar legislation. This could lead to the increase of price for the upcoming weeks to come.
