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Standard Chartered's Head of Digital Asset Research: Bitcoin "bottom near," maintains year-end target of $100,000
Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank, stated that Bitcoin has "almost bottomed out" after its recent sharp decline, with the current $63,000 range considered a "buying zone." He pointed out that since February, holdings in US spot Bitcoin ETFs have remained largely flat, without the anticipated concentrated redemptions, indicating more "structurally stable" funding.
Kendrick predicts that after Strategy's recent sale of 32 BTC, which triggered selling pressure, it may follow historical patterns and conduct a buyback of 10 to 100 times the initial investment, potentially confirming a temporary low.
He also cautioned that Bitcoin still faces downside risk of falling below $60,000, but believes that buying in batches is better than trying to precisely time the bottom. The bank maintains its year-end targets of $100,000 for Bitcoin and $4,000 for Ethereum.
Well-known trader: If Bitcoin breaks below $60,000, $54,000 could be the next support level
Renowned trader Killa posted an update on market outlook, stating that if Bitcoin holds above the quarterly low of $60,037, it may rebound to the quarterly opening price ($68,185); a breakdown below this level would target the CME gap at $54,111. Additionally, further downside support could be found at the July 2024 low of $49,302.
As a quantitative trader focused exclusively on $BTC, Killa accurately predicted the peak of this bull market in May 2025 and boasts over 180,000 followers on X. In mid-April, he initiated a short position on Bitcoin at $74,688.
Bitget Wallet: $13.00 million SpaceX tokenized IPO subscription quota sold out within 30 minutes
Bitget Wallet’s open subscription for SpaceX IPO tokenized stock SPCXx sold out within 30 minutes of its launch yesterday, with a total subscription size reaching $13.00 million. Bitget Wallet plans to expand its offerings to include more tokenized U.S. IPO assets in the future, providing users with on-chain access to globally popular assets.
Tim Draper: Bitcoin is safer than bank deposits, and the banking system may face quantum risk sooner
On June 10, U.S. venture capitalist and billionaire Tim Draper posted on X stating that he believes the banking system will be compromised before quantum computing becomes capable of breaking blockchain.
Draper stated that Bitcoin is safer than U.S. dollars held in bank accounts. Even if issues arise with the blockchain, full-node operators can roll back to the last secure block, allowing the network to continue operating—whereas the U.S. dollar and banks lack this option.
He predicts that as retailers begin accepting Bitcoin, Bitcoin will ultimately fully replace the U.S. dollar.
Robinhood predicts 3.9 billion market May event contracts, with annualized revenue of approximately $470 million
Robinhood released data today showing that May was the highest-volume month ever for its prediction market. The trading volume of prediction market event contracts reached 3.9 billion, a 22% increase month-on-month.
Assuming a $0.01 fee per contract, the annualized revenue from the prediction market is approximately $470 million. Additionally, due to the World Cup being held in the United States, the platform’s trading volume in June is expected to hit a new all-time high.
Bitcoin & Ethereum Spot ETF Flow
According to SoSoValue data, Bitcoin spot ETF saw a total net outflow of 77.44M USD yesterday (Eastern Time, June 9th).
The Bitcoin Spot ETF with the highest net inflow yesterday was Grayscale Bitcoin Mini Trust ETF Grayscale Bitcoin Mini Trust, with a daily net inflow of 4.39M USD, and the total historical net inflow of $BTC currently stands at 2.28B USD.
The Bitcoin Spot ETF with the highest net outflow yesterday was BlackRock's ETF iShares Bitcoin Trust, with a daily net outflow of 61.64M USD, and the total historical net inflow of IBIT currently stands at 62.18B USD.
According to SoSoValue data, yesterday (June 9, US Eastern Time), Ethereum spot ETFs had a total net outflow of $40.8513 million.
The Ethereum spot ETF with the largest single-day net outflow yesterday was Grayscale Ethereum Trust ETF Grayscale Ethereum Trust, with a single-day net outflow of $17.4201 million. Currently, ETHE's total historical net outflow has reached $5.323 billion.
Next was Grayscale Ethereum Mini Trust ETF Grayscale Ethereum Mini Trust, with a single-day net outflow of $14.9580 million. Currently, $ETH's total historical net inflow has reached $1.869 billion.
