Geoff Kendrick, Head of Digital Assets Research at Standard Chartered Bank, stated that the decline in the term premium of the U.S. Treasury market is weakening Bitcoin's appeal as a hedge against traditional financial issues, which may be one of the reasons for the recent price pullback. He pointed out that a decrease in term premium typically indicates an increase in investor confidence in long-term Treasuries, which suppresses short-term demand for Bitcoin. Additionally, with Bitcoin monthly options set to expire, there are approximately 18,000 open contracts in the $85,000 to $100,000 range, further limiting price volatility. Kendrick reiterated his year-end target price for Bitcoin at $125,000 and expects it to reach $200,000 by the end of 2025. (TheBlock)