Standard Chartered's head of digital assets research Geoffrey Kendrick declared "crypto spring" Monday, arguing that bitcoin likely put in its cycle low near $59,000 and that the recovery case is strengthening across multiple signals. His three pillars: Strategy resumed bitcoin purchases, U.S. spot bitcoin ETFs returned to net inflows after weeks of heavy redemptions, and oil prices continued to fall as U.S.-Iran peace deal progress reduced energy inflation pressure. Bitcoin was trading near $66,300 as Kendrick made the call, with a decisive break above the early May high of $83,000 seen as the confirmation signal that a new uptrend is underway. The bullish read has bipartisan support — Coinbase CEO Brian Armstrong separately said Monday that he too believes bitcoin has probably bottomed near $60,000, pointing to the historical four-year cycle pattern and adding that he remains "as bullish as ever." Caution flags are still present: the U.S.-Iran deal still has to hold, the FOMC meets Tuesday-Wednesday with Warsh's tone closely watched, and ETF inflows are returning but remain modest compared to the scale of recent outflows.
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Ventuals — the project behind Hyperliquid's OPENAI and ANTHROPIC perpetual futures markets — announced Monday it is winding down and folding its team into another Hyperliquid ecosystem project. The OPENAI contract was settled at $1,341.80 and ANTHROPIC at $1,618.90, both pinned to trailing 24-hour time-weighted average prices to prevent last-minute volatility. Ventuals said it traded more than $650 million in total volume and raised over 500,000 HYPE during its run, but there will be no Ventuals token — ending any expectation of a token airdrop for points holders. The shutdown comes as the broader HIP-3 pre-IPO perp ecosystem faces headwinds: the Anthropic contract had already sold off 3.7% after the U.S. government ordered Anthropic to shut down access to Fable 5 and Mythos 5 on national security grounds last Friday, and both OpenAI and Anthropic have warned investors against trading in unauthorized securities tied to their valuations. The closures point to consolidation in one of crypto's hottest new markets — with SpaceX, whose IPO is now live on Nasdaq, the next major test for the pre-IPO perp model.
Coinbase CEO Brian Armstrong said Monday that his instinct is that bitcoin has probably found its floor near $60,000, pointing to the historical four-year halving cycle that has marked prior lows and adding that he remains "as bullish as ever" on the asset's long-term trajectory. Armstrong's comments align with Standard Chartered's Geoffrey Kendrick, who made a similar call the same day. The dual endorsement from one of the industry's most prominent executives and one of Wall Street's most closely watched crypto analysts adds institutional weight to a thesis that has been building since bitcoin held its 200-week moving average through the recent sell-off. Armstrong stopped short of a specific price target but cited improving macro conditions — falling oil prices from the U.S.-Iran deal, ETF inflows returning — as the evidence behind his read. FOMC on Tuesday-Wednesday remains the near-term wildcard: if Warsh signals rates are on hold rather than moving higher, the confirmation signal Kendrick is looking for above $83,000 could come faster than the market currently expects.
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