Analysts cite MicroStrategy’s potential BTC rebound, stable ETF holdings, and reduced liquidations as signs of a bottom.
Standard Chartered’s digital assets research head Geoff Kendrick suggests bitcoin’s recent sell-off may be nearing a low, citing three factors. MicroStrategy’s past behavior—selling BTC in December 2022 only to repurchase more days later—could repeat, with potential buys up to 100 times last week’s 32 BTC sale.
U.S. spot bitcoin ETFs have seen $5 billion in net outflows over three weeks, but cumulative holdings remain near $54.2 billion, dipping only slightly from 682k to 674k BTC. Futures liquidations totaling $1.5 billion mirror January’s levels, signaling most leveraged positions may have unwound.
Kendrick views these trends as structural support, reducing downside risks despite bitcoin’s underperformance relative to equities this year.