1300 GMT - Bitcoin could soon reach all-time highs as investment flows into the cryptocurrency rise, Standard Chartered's Geoff Kendrick says in a note. Spot bitcoin exchange traded funds have seen $5.3 billion of inflows over the past three weeks, he says. Strategy, formerly known as Microstrategy, has also increased purchases and planned buying. Notably, the Swiss National Bank recently started buying Strategy shares. Meanwhile, Abu Dhabi's sovereign wealth fund is likely to have increased its bitcoin holdings while other long-term type buyers to have also joined in. StanChart expects bitcoin to rise to $120,000 by the second quarter. Bitcoin rises 2.7% to $99,379, having earlier reached a three-month high of $99,874, according to LSEG. (renae.dyer@wsj.com)
(END) Dow Jones Newswires
May 08, 2025 09:01 ET (13:01 GMT)
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