GM!
Today’s top news:
Crypto majors jump over the weekend on Iran peace deal progress; BTC at $66.5k, HYPE +12% BTC ETFs see biggest inflows in a month on Friday, reversing trend ZEC soars 20% after Zooko announces a Mythos audit found no vulnerabilities AERO jumps 15% after rolling out Predictive Allocation upgrade Collector Crypto executes $4M airdrop, token holds at $70M Standard Chartered Says the Crypto Winter Is OverHis words: “Winter is over. Welcome back to crypto spring.” The bank is holding a $100,000 year-end target, about 70% above current levels, and expects Ether to outperform Bitcoin on the way up. He says the lows are in and even cast the current price as the entry everyone will wish they’d taken. Looking back from year-end with Bitcoin at $100k, “this was the buying zone we all wanted.”
Is Geoff right?
Well, the three overhangs that had been grinding crypto lower for weeks are all starting to lift at once.
The first was the SpaceX IPO, which had turned into a liquidity vacuum as traders (seemingly) sold Bitcoin to free up cash for the largest offering in history. That deal is now done, SPCX jumped 19% in its Friday debut, and with the allocation scramble over, the forced ETF selling should fade. The second was the Iran war. Trump declared it over on Thursday evening and a US-Iran peace deal looked near heading into the G7, which knocked oil down to $81 and its lowest effective level since early March. The third was the ETF bleed out. After roughly $5 billion in outflows since mid-May, the sharpest selling since these funds launched, money started flowing back in on Friday with the BTC ETFs seeing $85M in inflows for their biggest day in a month, helping Bitcoin reclaim $64,000.Put together, that is a genuine change in the setup. But, it still has to play out. The SpaceX IPO liquidity drain may not truly be felt for weeks. It’s always hard to trust the peace talks around the Iran war. And as for the ETF flows, well they can be fickle.
But it does seem like momentum may be building here. BTC is back over $65k. Leading alts jumped 10-20% this weekend, showing signs of animal spirits returning. Let’s see if it continues…
