bitcoin<\/a> to hit $100,000 by the end of the year as the bulk of the selling may be \u200cover.<\/p>\nThe biggest crypto token has tumbled more than 12% in what Kendrick said was a “painful” week, after Michael Saylor’s Strategy, the largest \u200bcorporate holder of bitcoin, disclosed on Monday that it had sold some of the holdings for the first time since 2022.<\/p>\n
“The timing of the sale was a shame,” Kendrick wrote in a note to clients. “This week has been painful in crypto. There is really no other way of putting it.”<\/p>\n
The cryptocurrency has lost more than half its value since \u200chitting a peak in October last year, \u2060even as President Donald Trump’s administration has rolled out industry-friendly policies.<\/p>\n
Kendrick said there is a risk of further selling pressure if bitcoin falls below $60,000, but given how sharply the \u2060currency has underperformed equities this year, there are now fewer bullish bets left to be unwound.<\/p>\n
Bitcoin was last trading around $64,320. It has lost about 27% so far this year, while the S&P 500 index has jumped 10.4%. Data from LSEG \u200bshowed \u200bthat investors were pulling cash out of big bitcoin ETFs \u200bat the fastest pace on record, with more \u200cthan $2 billion in net outflows in the week to Tuesday.<\/p>\n
However, “when we look back at the end of 2026 with bitcoin at $100k we will say this was the buying zone we all wanted,” Kendrick said.<\/p>\n
He also expects an “aggressive” buying back of bitcoin from Strategy, citing that the company did so the last time it sold.<\/p>\n
Strategy’s bitcoin holdings have long been viewed as a proxy for Saylor’s conviction in the industry. One of bitcoin’s most influential evangelists, \u200che once posted on X, “Sell a kidney if you must, \u200bbut keep the Bitcoin.”<\/p>\n
The company said on Monday that proceeds from \u200bthe sale of bitcoin would be used to \u200bfund distributions on its preferred stock. The sale represented just 0.004% of its total bitcoin \u200choldings.<\/p>\n
Strategy’s bitcoin holding is worth nearly $54 billion, based \u200bon current prices.<\/p>\n
However, “the significance is \u200bsymbolic,” said Fabien Yip, market analyst at IG Bank.<\/p>\n
“Michael Saylor’s ‘never sell’ position has been a cornerstone of bitcoin’s bull narrative, and (the sale) raises questions about whether Strategy can meet preferred dividend obligations without further \u200bsale.”<\/p>\n","protected":false},"excerpt":{"rendered":"By Niket Nishant June 4 (Reuters) – Geoffrey Kendrick, the global head of digital assets research at Standard…\n","protected":false},"author":2,"featured_media":56096,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[21387],"tags":[361,22791,22793,26928,20677],"class_list":["post-56248","post","type-post","status-publish","format-standard","has-post-thumbnail","category-standard-chartered","tag-donald-trump","tag-geoffrey-kendrick","tag-kendrick","tag-michael-saylor","tag-standard-chartered"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116693013780117752","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/56248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=56248"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/56248\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/56096"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=56248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=56248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=56248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}