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Standard Chartered Predicts Slower BTC Growth Amid End of Corporate Buying
Bitcoin (BTC) investors are facing a recalibrated outlook as Standard Chartered lowers its long-term price projections, citing a shift in market dynamics. According to the bank, corporate Bitcoin accumulation, a key driver of recent demand, is likely coming to an end, leaving ETF inflows as the primary force for future gains.
Corporate Bitcoin Buying “Likely Over”
In a recent note, Geoff Kendrick, Head of Digital Asset Research at Standard Chartered, explained that the rapid decline in Bitcoin’s price is “painful but within expected bounds.” While the crypto sell-off has unsettled markets, Kendrick emphasized that this trend aligns with historical pullbacks rather than signaling a structural downturn.
The bank highlights that aggressive buying by digital asset treasury companies (DATs) has slowed as valuations no longer justify further expansion. Kendrick stated, “We expect a consolidation rather than outright selling, but DAT buying is unlikely to provide further support.” This marks a significant shift for Bitcoin, which has relied heavily on corporate demand over the past year.
ETFs Become the Key Driver of Future Gains
With corporate purchases fading, ETF inflows are now expected to dominate Bitcoin’s price trajectory. Kendrick warned that this single-source reliance could slow the pace of future upside, prompting Standard Chartered to push back its most bullish projections. The bank now expects Bitcoin to reach $500,000 by 2030, delayed from a previous 2028 forecast.
Despite the delay, optimism remains intact. Kendrick noted that portfolio allocation trends still show global portfolios are underweight in Bitcoin, suggesting that institutional investment could eventually fuel significant price gains.
Price Action “Fits Historical Patterns”
Bitcoin’s recent drop of roughly 36% from its October 6 all-time high follows a pattern seen after previous spot ETF launches, demonstrating that volatility is normal. Kendrick also pointed out that the recent peak occurred 18 months after the April 2024 halving, feeding narratives of a potential crypto winter. However, the bank rejects the idea that the halving cycle alone drives Bitcoin’s price, emphasizing ETFs as the more influential long-term factor.
