Bitcoin has fallen 14% in seven days, falling to levels not seen since February, as a convergence of institutional outflows, divestitures of leverage, geopolitical pressures, and a sudden sell-off from strategy rattled digital asset markets.
However, Jeff Kendrick, global head of digital asset research at Standard Chartered, told clients that the bear market may be in its final stages – and that the decline is “almost here.”
“I think when we look back at the end of 2026 when Bitcoin hits $100,000…we will say that was the buy zone that we all wanted.” books.
Bitcoin Traded About $63,739 on Wednesday, down from a 24-hour high of $67,416.50, after touching a session low near $61,463 — the first time it has broken that mark since the February crash. This decline has put Bitcoin approximately 51% below its all-time high of $126,277, which was set in October 2025.
the Operator What broke market confidence came from an SEC filing on Monday. The strategy revealed that 32 bitcoins were sold between May 26 and 31, generating approximately $2.5 million at an average price of $77,135 per coin.
The deal represents the company’s first net reduction in its Bitcoin holdings in years — a break from co-founder Michael Saylor’s policy. famous “Never sell” attitude. The sale was executed to fund dividend obligations on Strategy’s STRC preferred stock, which carries a variable annual dividend of 11.5%.
The market reaction was sharp. Bitcoin fell below $72,000 on the same day as the SEC filing. Strategy stock was down nearly 6%, and STRC shares were trading at around $94.
Bitcoin ETFs in the US are registration A streak of net outflows lasting 13 consecutive days – the longest period since the products launched in early 2024. Withdrawals totaled nearly $3.45 billion across that stretch. The week ending May 29 alone saw $1.42 billion in net outflows, the third-largest weekly withdrawal on record.
For the entire month of May, cumulative ETF outflows reached $2.30 billion, making it the worst month of 2026.
Kendrick’s three pillars of Bitcoin
Against this backdrop, Kendrick identifies three reasons why he believes the market is nearing a bottom.
First, the strategy’s behavior in 2022 sets a precedent. When the company last sold Bitcoin in December of that year, it bought more than it sold two days later. Kendrick said he expects the same pattern to be repeated – with the potential to buy back up to 100 times the 32 bitcoins sold.
In his view, a confirmed buy as early as next Monday would be an initial signal that the bottom has been reached.
Second, spot ETF holdings have held up better than expected. Cumulative net inflow since inception remains at $54.2 billion, the same level as earlier in the year. The total bitcoin held by the 11 US-listed funds is about 674,000 bitcoins, down from a peak of about 682,000 but broadly unchanged structurally.
“This tells me that ETF holdings are structurally stronger than I feared in February,” Kendrick said.
Third, the pool of leveraged buy trades available for liquidation is smaller than in previous drawdowns. Bitcoin futures bets worth $1.5 billion were liquidated through exchanges during the current sell-off, a number in line with January.
With BTC already underperforming stocks through 2026, the risk of a forced sell-off has diminished.
Macro headwinds persist
Kendrick’s long-term goals remain $100,000 for Bitcoin by the end of the year.
