Standard Chartered left its crypto price targets unchanged after the latest market selloff. Geoffrey Kendrick, the bank’s head of digital-assets research, said Bitcoin’s drop toward $59,000 was the “likely low” for the current cycle. After the rebound to around $63,500, the bank kept its $100,000 year-end target for Bitcoin. It also maintained a $4,000 target for Ethereum, which was trading near $1,665.
Forced selling and liquidity strain shaped the drawdown
Kendrick linked the decline to a mix of forced selling, weak ETF flows, and broader liquidity stress. In his note, those factors were described as the main drivers behind the depth of the pullback. The bank did not frame the move as the start of a fresh structural breakdown. Instead, it treated the selloff as part of the market behavior seen after what it described as the end of crypto winter.
The call still depends on market confirmation. Standard Chartered kept its focus on price levels, ETF flows, and demand from institutions and corporate treasury buyers rather than changing its headline targets after the drop.
ETF redemptions and Strategy demand remain central
Spot Bitcoin ETF flows remain a key test for Kendrick’s bottom call. U.S. funds saw heavy outflows during the selloff, which weakened the institutional bid that had previously supported Bitcoin. Kendrick said a return to consistent inflows would strengthen the recovery case. His note also pointed to cash demand around the SpaceX IPO window as another source of pressure on risk assets.
At the same time, market participants have been watching synthetic SpaceX-linked markets that drew crypto-native volume, along with whether Strategy would continue absorbing Bitcoin supply. The report did not add a new timetable, but it kept both issues in view as near-term demand variables.
Ethereum target stays at $4,000
Kendrick also kept his constructive stance on Ethereum and said ETH should outperform Bitcoin. Standard Chartered’s existing thesis ties Ethereum demand to stablecoins, tokenized assets, and onchain settlement. The bank argued that network usage remains stronger than price action suggests, even as recent weakness has kept the ETH/BTC ratio under pressure.
According to the note, a rebound in that ratio would signal renewed demand for Ethereum exposure. The bank listed several markers for the next stage of the market: Bitcoin holding $59,000, ETF inflows returning, Strategy demand stabilizing, and Ethereum regaining relative strength.