Standard Chartered Bank: With many positive factors, Bitcoin will challenge ATH again before the election

Standard Chartered Bank (Standard Chartered) pointed out in its latest report that Bit may challenge its historical high point before the US presidential election, reaching close to $73,800, mainly due to the inflow of funds into Bit ETFs, the increase in demand for call options, and the former president Trump's probability of winning in the prediction market surpassing Kamala Harris again.

ETF inflow and options market

According to the report cited by Decrypt, the total inflow of Bit ETFs has exceeded $19 billion, corresponding to an increase of about 315,000 BTC, indicating that institutional investors' interest is rising, and the open interest of $80,000 Bit call options has also increased, further strengthening the market's bullish sentiment.

(Standard Chartered Bank: Trump's victory will drive Solana to dominate the market, and Bit is expected to break through $200,000)

Political factors impact

Standard Chartered believes that the recent trend of Bit is strongly correlated with the political developments in the US, especially that although Trump's support rate was once surpassed after the debate with Harris, Trump's winning rate on Polymarket has risen again and slightly widened the gap.

(US presidential debate: Harris performed brilliantly, Bit and crypto stocks fell)

Trump's lead just set another record high against Harris.

Trump 🟥 • 57.7% chance
Harris 🟦 • 41.9% chance pic.twitter.com/jYUO5Mg3WR

— Polymarket (@Polymarket) October 15, 2024

Institutions bullish on BTC

In addition to Standard Chartered, Wall Street investment bank Bernstein Research also released a similar bullish report, pointing out that Bit has risen 14% in the past month and has stabilized above $65,000.

Bit ETF recorded a net inflow of over $550 million on the 14th, which is a trend we have not seen in weeks, and we believe this is due to the increasing legitimacy of the digital asset ecosystem, and global asset management companies are laying the foundation for more extensive participation by wealth advisors and private banks, and we believe this will lead to an accelerated inflow of funds, which is also reflected in the recent trend of Bit.

Analysis firm CryptoQuant mentioned that the total open interest of Bit on all exchanges reached a historical high of $19.7 billion on October 15, indicating that liquidity is constantly flowing in.

Bit briefly approached $68,000 on the evening of the 15th, reaching the highest level since July, but then fell back to $65,000, and was $66,810 at the time of writing.