After a brutal week for bitcoin, Standard Chartered said the worst may soon be over for the largest cryptocurrency and the broader digital asset market.
The bank's Global Head of Digital Assets Research, Geoffrey Kendrick, said the bitcoin (BTC) market is close to a bottom, arguing that structurally resilient spot exchange-traded fund holdings and an anticipated large buyback by Strategy make a compelling case that the worst of the current sell-off is over.
"This week has been painful in crypto. There is really no other way of putting it," Kendrick wrote in a client note on Thursday. "But I think when we look back at the end of 2026 with BTC at $100,000 and ETH at $4,000, we will say this was the buying zone we all wanted."
Bitcoin was trading around $62,960 at the time of writing, down roughly 5.6% on the day, 14% on the week, 22% over the past month, and more than 40% over the past year, according to The Block's price page. Ether (ETH) was down 6.5% on the day and 26% over the past month, trading around $1,755.
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