Standard Chartered's Geoff Kendrick called the BTC bottom near after bitcoin slid 14% on the week to below $62,000, citing a likely Strategy buyback, resilient ETF holdings, and easing oil prices.
7RCC Global has launched trading of BTCK, an exchange-traded fund that allocates 80% to Bitcoin and 20% to regulated carbon credit futures, bringing one of the crypto industry's earliest ESG-focused ETF concepts to the public market.
Bitcoin price trades near $61,925 as ETF outflows, whale deposits and weak momentum keep $60,000 and $55,000 support in focus for traders.
Bitcoin (BTC) options markets continued to flash a largely 'bullish' signal based on open interest, even as short-term flow showed a tilt toward protective downside positioning—an indication that traders are balancing upside expectations with near-term caution. As of Thursday, June 5 (UTC), data from Deribit—one of the largest crypto options exchanges—showed total Bitcoin options open interest at 24,895 contracts, representing roughly $1.57 billion in notional value.
A massive wave of $3 trillion IPOs is coming.
Bitcoin's recent plunge beneath $64,000 has thrust Strategy, the globe's largest corporate Bitcoin accumulator, into an $11.2 billion paper loss on its cryptocurrency holdings.
“Less Bitcoin on levered DAT balance sheets and more on diversified corporate balance sheets will be a positive,” said Grayscale's head of research, Zach Pandl.
Bitcoin's breakdown below the $60K February low would lead to true capitulation.
Periods of capitulation rarely give way to optimism. Yet, while Strategy shows nearly $11 billion in unrealized losses on its bitcoin reserves, Standard Chartered believes the market could be nearing a major inflection point.
With roughly 24,081 Bitcoin still sitting in wallets tied to the defunct exchange, Mt. Gox has started moving funds again — and the timing could not be more charged.
Strategy sold bitcoin for the first time since 2022. The amount remains small, but the symbol is huge.
After a prolonged period of downside price action, Bitcoin is now on the verge of breaking the $63,000 mark, a level that was last seen in late 2024. Given the robust drop from its all-time high of $126,000, BTC has significantly underperformed when compared to several assets in the stock market.