Jeffrey Kendrick, Head of Digital Asset Research at Standard Chartered, talks about Bitcoin $BTC$66,459.26 They argue that a combination of improved investor flows, corporate buying, and easing macroeconomic pressures point to a strong recovery ahead, potentially already hitting the lows of the current market cycle.
The call signals a shift in sentiment after months in which the crypto market struggled with heightened geopolitical tensions, inflation concerns and persistent outflows from U.S. spot Bitcoin exchange-traded funds (ETFs).
Last Friday, Kendrick told clients that he believes Bitcoin’s drop to around $59,000 represents a cycle low. But at the time, he outlined three developments he would like to see before gaining more confidence in that view. These are the resumption of Bitcoin purchases by Strategy (MSTR), ETF inflows returning to positive territory, and continued decline in oil prices.
By Monday, all three had come true.
Strategy, the largest corporate holder of Bitcoin, reveals it has purchased an additional 1,587 Bitcoin $BTC last week. The US Spot Bitcoin ETF recorded net inflows of $86 million on Friday after a series of notable redemptions. Oil prices also continued to fall, easing concerns that rising energy costs could push up inflation and bond yields.
