Bitcoin To Hit $500,000 By 2028, Standard Chartered Says, As ETFs Buy $667M On Monday

by Murtuza J Merchant Benzinga Staff Writer

Zinger Key Points

Standard Chartered maintains a $500,000 Bitcoin target, driven by underweight rebalancing and declining volatility.
Total assets under management for U.S. spot Bitcoin ETFs reached $124.97 billion; Ethereum ETFs trail at $8.72 billion.
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U.S. spot Bitcoin BTC/USD exchange-traded funds recorded $667.44 million in net inflows on May 19, marking the fourth consecutive day of positive momentum.

Meanwhile, Ethereum ETH/USD ETFs also saw modest gains, with $13.66 million in net inflows and no redemptions across all nine listed products, according to SoSoValue data.

The strong inflows follow a broader institutional trend, backed by Standard Chartered's note on Tuesday, which suggests Bitcoin is gaining traction among a more diverse set of buyers despite some near-term headwinds.

While the SEC's Q1 13F filings showed a slight pullback in direct Bitcoin ETF exposure, driven by Wisconsin's pension fund liquidating its holdings in BlackRock's IBIT ETF, indirect exposure via Strategy MSTR is reportedly increasing.

Sovereign wealth entities in Norway, Switzerland, and South Korea significantly boosted their MSTR positions, with Saudi Arabia also opening a new stake, a sign of growing institutional appetite for BTC proxies.

Also Read: El Salvador’s Bitcoin Holdings Show $357 Million In Unrealized Profit As Bitcoin Closes At Record Highs

Standard Chartered reiterated its projection that Bitcoin could reach $500,000 before the end of Donald Trump's term ends, driven by rebalancing from underweight positions and declining volatility.