Standard Chartered Explains Why Bitcoin Soared and Makes Price Predictions for the End of 2024 and 2025

Bitcoin, the world’s largest digital asset, was once again on the agenda on Friday, briefly surpassing the fully diluted $1 trillion valuation.

The global cryptocurrency market cap currently stands at a staggering $1.87 trillion and is up 4.7% in the last 24 hours. While Bitcoin continues to dominate the market with a 49.7% share, Ethereum lags behind with 16.1%.

Geoff Kendrick, Head of Crypto Research at Standard Chartered, attributes the recent Bitcoin rally to “changing flow dynamics in new US ETFs.” He noted a decline in cumulative flows into GBTC while other funds, such as BlackRock’s iShares Bitcoin Trust, saw increases.

“While GBTC sales appear to have slowed, falling to an average of $59 million per day this week, flows into other ETFs remain strong, averaging $244 million per day this week. This change is enough to push Bitcoin higher,” Kendrick explained.

Looking forward, Kendrick estimates there will be a net inflow of $50 billion to $100 billion into spot ETF funds this year. Kendrick predicts that “GBTC outflows will completely stop at some point and other inflows will continue,” potentially pushing the Bitcoin price to $100,000 by the end of 2024 and $200,000 by the end of 2025.

*This is not investment advice.

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