A “perfect storm” of recent negative headwinds won’t hold A report from the British multinational bank said Tuesday that despite war in the Middle East, higher Treasury yields, and a slowdown of cash entering Bitcoin hit a new all-time high of nearly $74,000 last month but has since plunged. The “ETF flows have likely stalled for a number of macro reasons, including higher Treasury yields and a more challenging backdrop for risk assets due to geopolitical developments in the Middle East,” he wrote.“In addition, the initial wave of ETF buying may be mostly complete, and the next wave will have to wait for the inclusion of ETFs in broader macro funds (leading to a small allocation within diversified funds),” the report continued. “This may take time; for now, this strongly positive driver has stalled.”Kendrick added: “We reiterate our end-2024 target levels of $150,000 for Bitcoin and $8,000 for Ethereum.” Standard Chartered A Though Bitcoin has made a comeback since trading for less than $17,000 in January 2023. The approval of several Bitcoin ETFs—which Edited by Ryan Ozawa.
