Last updated on March 29th, 2024 at 08:22 pm
Standard Chartered, a prominent global bank known for its institutional support of Bitcoin and the broader web3 industry, has revised its 2024 Bitcoin projection upward by 50%, from $100,000 to $150,000.
The bank reportedly revealed this in an investment note circulated via email on Monday, March 18.
Notably, the bank based this projection on the comparisons to gold’s price trajectory following the introduction of gold exchange-traded funds (ETFs) in the US. Standard Chartered also correlated Bitcoin’s price movements with the inflows into Bitcoin spot ETFs. Their summation was that substantial inflows tended to drive price gains, while diminished net flows often led to declines.
The bank also forecasted a potential surge to $250,000 before stabilizing around $200,000. It, however, outlined specific conditions under which Bitcoin’s price could soar to $250,000 in 2025, namely if spot ETF inflows reach their $75 billion estimates soon or if reserve managers begin acquiring Bitcoin.
However, recent data indicates a slowdown in Bitcoin ETF inflows, with a notable decline since the peak of $1 billion on March 12. BitMEX Research reported that there was a net inflow of 198.8 million across all ETFs on Saturday, accompanied by $139.4 million in outflows from Grayscale’s $GBTC ETF.
In addition to its Bitcoin forecast, Standard Chartered also commented on the anticipated approval of Ethereum spot ETFs by the US Securities and Exchange Commission (SEC). The bank speculated that ETH spot ETFs could receive approval as early as May 23, 2024, potentially driving inflows exceeding $45 billion within the first year of deployment and propelling ETH prices to $8,000 by year’s end.
Presently, Ethereum is trading around the $3,500 price mark, reflecting a slight 1.25% decrease from the previous day’s price. Bitcoin, too, is undergoing market consolidation following a recent decline to $66,806 on March 15, 2024, and is currently trading around $67,000.
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