Standard Chartered analyst Geoff Kendrick has previously said he expects bitcoin prices to exceed $500,000 by the time Donald Trump leaves office. He said in a report Tuesday morning that the forecast remains valid, looking back at BTC's weak short-term price action, supported by a recent series of 13F filings on institutional ownership of spot bitcoin ETFs. Kendrick said the type of buyer has evolved from retail investors to hedge funds and now to banks and sovereign wealth funds, noting that institutions such as Goldman Sachs have increased their ETF holdings, and Abu Dhabi has also purchased a bitcoin ETF for the first time. "Going forward, we expect more long-term long money to buy bitcoin and expect Abu Dhabi's position to be the start of wider participation by sovereigns," the analysts said.