Standard Chartered Bank said in a report on Tuesday that it has halved its Bitcoin price forecast for the end of 2025 to $100,000, down from a previous target of $200,000. At the same time, the bank postponed its long-term target of $500,000 to 2030, from its original target of 2028. Analyst Geoffrey Kendrick noted that the downward revision was due to a readjustment of demand expectations, with aggressive corporate buying by entities such as MicroStrategy having "ended," and slower-than-expected institutional adoption through ETFs. Kendrick stated that future Bitcoin price increases will be "driven solely by ETF purchases." Currently, quarterly ETF inflows of Bitcoin have fallen to 50,000 BTC, the lowest level since the launch of US spot Bitcoin ETFs. In comparison, quarterly purchases by ETFs and the digital asset treasury in the fourth quarter of 2024 reached 450,000 BTC.