#BTCBackto100K

Bitcoin spot ETFs in the US have attracted a net inflow of $5.3 billion in the past three weeks.

After excluding arbitrage trading from hedge funds, the actual cash flow remains above $4 billion – indicating that the current rally is driven by real capital.

💼 MicroStrategy (MSTR) currently holds 555,450 BTC (~2.6% of the future total supply) and is planning to raise $84 billion to continue buying BTC. If successful, the company could own over 6% of the total supply!

🏛️ Other major institutions have jumped in:

The Abu Dhabi National Fund is holding BlackRock's ETF.

The central banks of Switzerland & Norway have revealed purchases of MSTR shares.

The state of New Hampshire (USA) has just passed a strategic Bitcoin reserve bill – a clear sign of BTC-supportive policy at the state level.

📅 The upcoming 13F report next week is expected to reveal more large funds that are “quietly” accumulating BTC.

📌 In conclusion: With strong cash flow momentum and favorable policies, the $120K target may just be a stepping stone – Standard Chartered still maintains its year-end target at $200K.