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  "description": "Standard Chartered's global head of digital assets research, Geoffrey Kendrick, declared on June 12 that Bitcoin has likely set its cycle low at $59,000, marking what he called the end of crypto winter. The bank noted that Bitcoin's retreat to that level represented a 53% drawdown from its all-time high of $126,000 reached in October 2025, and Kendrick shifted his outlook from February, when Standard Chartered had projected Bitcoin could slide toward $50,000 before recovering.\n\nKendrick tied the",
  "path": "/standard-chartered-calls-crypto-winter-over-as-bitcoin-etfs-rebound/",
  "publishedAt": "2026-06-14T12:06:39.000Z",
  "site": "https://news.bitcoinprotocol.org",
  "tags": [
    "public filing revealed it holds 18,712 BTC"
  ],
  "textContent": "Standard Chartered's global head of digital assets research, Geoffrey Kendrick, declared on June 12 that Bitcoin has likely set its cycle low at $59,000, marking what he called the end of crypto winter. The bank noted that Bitcoin's retreat to that level represented a 53% drawdown from its all-time high of $126,000 reached in October 2025, and Kendrick shifted his outlook from February, when Standard Chartered had projected Bitcoin could slide toward $50,000 before recovering.\n\nKendrick tied the bottom call to two key catalysts: the conclusion of the SpaceX IPO on Nasdaq and progress toward a G7-backed U.S.-Iran peace deal. His research note argued that more than $5.72B in spot Bitcoin ETF redemptions since mid-May were partially driven by investors liquidating crypto exposure to secure capital for the SpaceX listing, and that selling pressure should now fade with the offering complete.\n\n## SpaceX Goes Public With 18,712 Bitcoin on Its Books\n\nThe SpaceX IPO on June 12 drew immediate attention from the crypto world when the company's public filing revealed it holds 18,712 BTC as a strategic reserve asset, making it the eighth-largest publicly traded Bitcoin holder. The listing raised $75B, with 30% of shares reserved for retail investors, some of whom accessed tokenized SpaceX equity through Kraken's xStocks platform.\n\nSpot Bitcoin ETFs recorded $85M in net inflows on June 12, the largest single-day figure since May 15, according to SoSoValue data. Not one of the 13 U.S.-listed spot Bitcoin ETFs posted outflows that day, with BlackRock and Fidelity leading institutional buying. Kendrick said three confirmation signals still need to materialize: sustained positive ETF inflows, renewed corporate treasury accumulation from Strategy, and continued declines in oil prices.\n\nJPMorgan separately weighed in on the second half of 2026, identifying two macro factors it believes will shape crypto price performance between July and December. The bank remained more cautious than Standard Chartered, stopping short of endorsing the cycle-bottom thesis but acknowledging that geopolitical relief and easing liquidity conditions could improve the outlook for risk assets including Bitcoin, which is trading near $64,000 today after bouncing more than 8% from its June low.",
  "title": "Standard Chartered Calls Crypto Winter Over as Bitcoin ETFs Rebound",
  "updatedAt": "2026-06-14T12:06:39.887Z"
}