Standard Chartered has issued a warning that the price of Bitcoin may fall to the range of $69,000 to $76,500 in the next two days. Geoffrey Kendrick, the bank’s digital asset research manager, attributed this downside risk to capital outflows from exchange-traded funds (ETFs) and increased short positions in hedge funds. He mentioned a nearly $1 billion capital outflow from Bitcoin ETFs on February 25th and added that selling pressure may not be over yet. Kendrick also pointed out the imbalance between ETF positions and hedge fund short trades. He cautioned that retail investors may face panic selling. Considering geopolitical tensions and tariff implementations, Kendrick expressed doubts about improvements in risky markets in the coming days and raised the possibility of a similar drop to August 2024.
