Standard Chartered analyst Geoff Kendrick said on Friday to clients that he thinks crypto asset prices reached their low point in this cycle. Kendrick is waiting on confirmation from three factors: Strategy reported that they bought more Bitcoins in the past week; Crypto exchange-traded fund (ETFs) had positive flows on Friday; oil prices continued breaking lower.
“We have now seen the low in crypto asset prices for the cycle. That would be USD59k for BTC (53% down from USD126k high),” Kendrick stated in a short note sent to clients Friday. According to CoinMarketCap, the biggest cryptocurrency was trading at $63,704 on Sunday.
If investors interpret Strategy chief Michael Saylor’s tweet from earlier Sunday as a near-weekly update, the first signal that Kendrick has been watching may have already arrived.
“Still adding dots,” Saylor’s message The Strategy executive often includes the familiar bubble chart, which shows the dots, in social media updates teasing upcoming BTC purchases.
Michael Saylor’s Sunday tweet had been viewed more than half a milllion times by the time it reached midday, Eastern Time. Source: Michael Saylor X.com
StanChart’s global director of digital asset research, cited by StanChart, also cites the fact that Bitcoin ETFs posted a net inflow on Friday of $85.84 Million. Investors moved money into 5 of these funds, while 8 of the US traded BTC ETFs showed no change. SoSoValue.com. Yahoo Finance reports that Crude Oil Futures declined on Friday, for the second consecutive day.
Kendrick concluded his note by saying: “Winter is over. Welcome back to crypto Spring.”
Related: Bitcoin sales are necessary for Strategy’s digital credit business, Saylor says
Surprise Bitcoin Sale defended “necessary” Defence of digital currency
Strategy disclosed its first reported Bitcoin sale In a 1 June filing to the US Securities and Exchange Commission he disclosed that he had sold 32 BTC since 2022. The move seemed at odds with Saylor’s ongoing strategy. “never sell your Bitcoin” mantra. He justified the sale by saying that it was necessary for the company to be able to sell assets in order to continue to issue securities. “digital credit.”
“If the company’s policy is that we won’t sell the Bitcoin, then the credit won’t have value and the equity won’t have value,” He told Cointelegraph that he spoke at the BTC Prague Conference.
Ciaran lyons, founder of Cointelegraph (left), and Strategy founder Michael Saylor. (right) At BTC Prague. Source: Cointelegraph
Saylor said Bitcoin-based treasury firms must be able to maintain the option to sell assets when needed to back dividend-paying securities or other BTC-backed products.
Magazine: Bitcoin, the ‘canary in the coal mine,’ XRP transaction demand falls 91.5%: Market Moves
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Source: cointelegraph.com
