- Bitcoin reached a cycle low of approximately $59,375 before recovering to trade near $63,500, a 53% drawdown from its October 2025 all-time high of $126,000.
- Standard Chartered analyst Geoffrey Kendrick declared the “crypto winter” over, citing the SpaceX IPO and potential U.S.-Iran de-escalation as key catalysts.
- SpaceX completed its record $75 billion IPO at $135 per share, debuting with strong gains and indirect Bitcoin exposure via its 18,712 BTC holdings.
- Spot Bitcoin ETF outflows, partly tied to IPO liquidity demands, showed signs of easing as macro pressures from oil prices potentially subside.
Bitcoin appears to have found its footing after a punishing stretch, with analysts pointing to a combination of institutional events and geopolitical relief as the spark for renewed optimism in digital assets.
In a note published Friday, Standard Chartered’s Geoffrey Kendrick stated that the cryptocurrency market has likely seen its cycle low, with Bitcoin’s dip to around $59,000 marking the end of the latest downturn. “Winter is over. Welcome back to crypto Spring,” Kendrick wrote, highlighting a 53% decline from Bitcoin’s October 2025 peak of $126,000.
The recovery gained momentum as Bitcoin steadied above $63,000, supported by broader risk asset gains following SpaceX’s blockbuster debut and signals of de-escalation in U.S.-Iran tensions that helped ease oil prices and Treasury yields. CoinDesk data confirmed the low around $59,375 on June 5.
Kendrick identified two primary drivers behind the turnaround. First, intense selling in spot Bitcoin ETFs—totaling over $5.72 billion since mid-May—eased as investors rotated capital toward the SpaceX IPO. The aerospace giant raised a record $75 billion by pricing 555.56 million shares at $135 each, valuing the company at approximately $1.77 trillion upon Nasdaq debut under ticker SPCX, where shares rallied nearly 20% initially.
SpaceX’s own Bitcoin treasury adds another layer: the company holds 18,712 BTC, valued at about $1.29 billion as of late March (with an average cost basis around $35,300), providing public market investors indirect exposure to the asset. This disclosure, part of its S-1 filing, underscores growing corporate adoption even amid recent volatility.
Second, potential progress toward a U.S.-Iran peace deal, teased by President Trump, helped cap oil prices—Brent crude around $87 per barrel—reducing macro headwinds for risk assets like Bitcoin. Kendrick will monitor key confirmations, including renewed ETF inflows and corporate Bitcoin purchases by firms like Strategy.
While the call marks a bullish inflection, risks remain. ETF outflows persisted into June, and broader market sentiment could shift with upcoming economic data or volatility in tokenized pre-IPO products. Nonetheless, Kendrick maintains his year-end Bitcoin target of $100,000, viewing current levels as an attractive entry.
Bitcoin’s resilience in holding above $63,000 post-IPO suggests the worst of the recent selloff may be behind it, offering crypto investors a potential springboard amid improving liquidity dynamics.
Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.
