Geoffrey Kendrick from Standard Chartered expresses optimism as bitcoin ETF inflows return, oil prices decline, and Coinbase's CEO suggests bitcoin may have found its bottom around $60,000.
By Helene Braun|Edited by Stephen Alpher Jun 15, 2026, 2:16 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on (Getty Images)SummaryShow- Geoffrey Kendrick from Standard Chartered believes that bitcoin has likely reached its cycle low around $59,000, due to improved investor flows, corporate purchases, and lessening macroeconomic pressures.
- His optimism increased after MicroStrategy resumed its bitcoin acquisitions, U.S. spot bitcoin ETFs showed net inflows, and falling oil prices alleviated inflation concerns.
- Kendrick states that a significant breakout above bitcoin’s early May peak of approximately $83,000 would strongly indicate a new upward trend, with the cryptocurrency currently trading around $66,300.
Geoffrey Kendrick, who leads digital assets research at Standard Chartered, indicated that bitcoin BTC$66,593.15 may have found its low for the current market cycle. He cited a combination of better investor sentiment, corporate acquisitions, and easing macroeconomic conditions as signs of a potential recovery.
This announcement marks a notable change in sentiment after a challenging period for the crypto market, which faced rising geopolitical tensions, inflation worries, and significant outflows from U.S. spot bitcoin exchange-traded funds (ETFs).
On Friday, Kendrick informed clients that he believed bitcoin's drop to around $59,000 represented the low point of the cycle. However, he specified three key developments he wanted to see before gaining more confidence in this view: renewed purchases by MicroStrategy (MSTR), positive ETF inflows, and continued declines in oil prices.
By Monday, all three conditions had been met.
MicroStrategy, the largest corporate bitcoin holder, reported acquiring an additional 1,587 BTC last week. U.S. spot bitcoin ETFs recorded net inflows of $86 million on Friday after a period of substantial redemptions. Additionally, oil prices continued to decline, alleviating concerns that rising energy costs could lead to increased inflation and bond yields.
"Winter is over. Welcome back to crypto Spring," Kendrick remarked.
The trend of ETF inflows has garnered significant attention. Since their U.S. debut in January 2024, spot bitcoin ETFs have emerged as a crucial demand source for the cryptocurrency. Kendrick noted that recent selling activity was among the most severe since these products launched, suggesting that some investors might have been liquidating positions to invest in the anticipated SpaceX (SPCX) IPO, although he deemed this explanation anecdotal.
The overall environment for crypto has also improved recently. Last month saw reduced regulatory hurdles for crypto derivatives in the U.S. and increasing institutional interest, which contributed positively to market sentiment. Earlier today, crypto exchange Kraken launched perpetual futures for U.S. clients, becoming part of a growing list of companies offering this popular derivatives product domestically.
Furthermore, bitcoin continues to attract treasury investments from public companies looking to gain exposure to the asset.
Nevertheless, Kendrick noted that a significant challenge remains.
Market analysts have highlighted bitcoin's tendency to create lower highs during recent rallies. To dispel this concern, Kendrick stated that bitcoin must surpass the $83,000 mark established in early May. Currently, the asset is priced at $66,300, reflecting a roughly one percent increase over the last 24 hours.
Coinbase CEO Brian Armstrong stated on Monday that he also believes bitcoin may have reached its bottom near $60,000 and remains "as bullish as ever" regarding the cryptocurrency.
If this occurs, Kendrick believes the argument for a new upward trend will be significantly strengthened.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk Research3 hours agoIn May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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