Customary Chartered’s head of digital belongings analysis, Geoffrey Kendrick, mentioned Bitcoin (BTC) seems on monitor to achieve new report highs before anticipated, pushed by mounting institutional inflows and a world shift in asset allocation.
In a Might 8 investor notice shared with cryptopressnews, Kendrick mentioned he initially projected a $120,000 value goal for the second quarter. Nevertheless, he now believes that determine could underestimate the market’s momentum.
He wrote:
“I apologise that my USD120k Q2 goal could also be too low.”
Based mostly on cryptopressnews knowledge, Bitcoin was buying and selling at $101,751, up 5.66% over the previous 24 hours.
Shifting narrative results in flows
Kendrick mentioned the narrative round Bitcoin has shifted dramatically in latest months, and the flagship crypto, which was as soon as seen primarily as a danger asset, is more and more seen as a strategic reserve asset.
He argued that Bitcoin has advanced right into a car for reallocating capital out of conventional US equities and into different shops of worth. He emphasised that the rally is now being pushed not by hypothesis, however by flows, notably from ETFs and long-term institutional patrons.
Kendrick famous that US-listed spot Bitcoin ETFs have taken in $5.3 billion up to now three weeks, and after adjusting for foundation trades and brief hedge positions, the estimated internet flows are possible above $4 billion.
Kendrick added that the inflows signify a major surge in demand that would push costs increased within the coming weeks.
Kendrick additionally pointed to the rising affect of company and sovereign actors in Bitcoin’s latest efficiency. Technique has elevated its Bitcoin holdings to 555,450 BTC, or 2.6% of the full provide that can ever exist.
The agency’s plan to boost a further $84 billion to fund additional Bitcoin purchases might carry its complete share to greater than 6% of complete provide.
Sovereign and state-level adoption
In the meantime, sovereign wealth funds and central banks are starting to observe go well with. Kendrick cited Abu Dhabi’s 4,700 BTC-equivalent place in IBIT as of late December and famous that extra long-term patrons have possible joined since then.
He additionally highlighted latest exercise from the Swiss Nationwide Financial institution and Norway’s Norges Financial institution, each of which have initiated positions in MSTR.
On the coverage entrance, Kendrick flagged New Hampshire’s newly handed Strategic Bitcoin Reserve invoice as a possible tipping level for US state-level adoption. He expects different states to introduce related laws aimed toward incorporating Bitcoin into their treasury methods.
As of Might 8, Arizona additionally absolutely handed laws establishing a Bitcoin reserve fund, whereas Texas is on the cusp of approval. Roughly 11 different states are additionally within the course of of creating selections on related payments.
With extra institutional disclosures anticipated subsequent week by way of 13F filings, Kendrick warned that Bitcoin’s trajectory could proceed to shock to the upside.
Bitcoin Market Information
On the time of press 9:51 pm UTC on Might. 8, 2025, Bitcoin is ranked #1 by market cap and the value is up 6.06% over the previous 24 hours. Bitcoin has a market capitalization of $2.03 trillion with a 24-hour buying and selling quantity of $61.74 billion. Study extra about Bitcoin ›
Crypto Market Abstract
On the time of press 9:51 pm UTC on Might. 8, 2025, the full crypto market is valued at at $3.2 trillion with a 24-hour quantity of $142.66 billion. Bitcoin dominance is at present at 63.51%. Study extra in regards to the crypto market ›
