Standard Chartered "Corporate buying slowdown… Bitcoin $500,000 target will be delayed"

Standard Chartered recently said that the price adjustment does not indicate structural weakness, but assessed that the corporate buying that has supported demand (digital asset treasuries, DAT) has effectively entered its final stage. Accordingly, it suggested that future upward momentum will rely more on ETF inflows.

On the 9th (local time), according to crypto-focused media BeInCrypto, Geoff Kendrick, head of digital asset research at Standard Chartered, said in a report, "The recent decline in Bitcoin's price proceeded rapidly but is within the normal range compared with past cases," and added, "It is difficult to expect additional Bitcoin purchases by companies." He explained, "By valuation metric (mNAV), DAT firms have limited room to further expand positions, and the buyer that will support prices going forward is effectively only ETFs."

Standard Chartered therefore adjusted its year-end price forecasts for 2026–2029 and pushed back the timing for Bitcoin to reach its long-term target of $500,000 from 2028 to 2030. However, it maintained the possibility of long-term upside.

Regarding the recent formation of a peak, Kendrick said, "Bitcoin's recent high (October 6) is at roughly 18 months after the April 2024 halving, raising concerns about a 'crypto winter,' but we no longer believe the halving cycle dominates prices." He added, "In the medium to long term, ETF-based long-term demand will reorganize the market."

On the weakening of corporate buying, he also noted, "DAT firms are unlikely to engage in large-scale selling, but they will no longer prop up the market through additional purchases."

The media reported that "Standard Chartered still views Bitcoin as undervalued in the process of portfolio optimization against gold, and, given institutional decision-making lead times, maintained the view that demand will expand over the long term."