Standard Chartered: Bitcoin don reach bottom as crypto 'winter don finish' after $59K drop
Geoff Kendrick from Standard Chartered talk say di crypto market don likely reach dia low after Bitcoin fall nearly $59,000, and e describe am as crypto's "most frigid" period. E talk say "winter don finish," quoting 53% drawdown from Bitcoin October peak near $126,000.
Kendrick link potential rebound to macro and market catalysts: possible US–Iran peace deal before G7 summit (fit reduce oil price pressure) and SpaceX IPO. E also highlight confirmation signs traders suppose to watch: oil price continue dey fall, spot Bitcoin ETF inflows resume, and Strategy dey continue to buy BTC.
Market context show tentative stabilization not clean reversal. Bitcoin don trade above $64,000 (about +5% on the week), while total crypto market value small drop to roughly $2.277T from $2.29T. Kendrick note Bitcoin ETFs get about $5B net outflows since mid-May, which fit show investors dey raise cash for SpaceX IPO. Oil moves still key: WTI cited down about 1.5% to $86/barrel.
On liquidity side, SpaceX IPO also dey pull attention for crypto derivatives: pre-IPO SpaceX perpetuals on Hyperliquid (SPCX) reportedly reach about $240M open interest and about $220M 24-hour volume.
Neutral
Standard Chartered tok say de line get positive vibes — Bitcoin drop near $59K dem call am di "low" and dem talk say "crypto winter don finish." Dat kain talk dey usually make people want risk more. But di article still point out sey things never fully set: spot Bitcoin ETFs don record about $5B net out since mid-May, and di rebound idea depend on more oil price drop plus fresh ETF inflows and Strategy dem buying BTC. Dis look like old "bottom-call" cycles where price first settle (BTC don go above $64K again), but proper rally usually need confirmation from liquidity (ETF inflows/derivatives positions) and macro tailwinds (lower oil and easing rates). SpaceX IPO fit even cause small liquidity churn — investors fit sell BTC ETF exposure to free cash — so short-term volatility fit still dey high. Net: mild bullish story, but tradeable confirmation never show yet, so best to call di expected impact neutral — watch ETF flows, oil, and Strategy/BTC buying for confirmation.