Standard Chartered analyst Geoffrey Kendrick has officially called the start of a 'crypto spring,' pointing to a cluster of bullish signals in the Bitcoin market. The declaration comes as spot Bitcoin ETF inflows resume, Coinbase's CEO argues the digital asset likely bottomed near $60,000, and declining oil prices add to the momentum. The call marks the first time a major bank analyst has used seasonal metaphor for the current cycle, a shift from the cautious language seen earlier this year.
Kendrick's 'Crypto Spring' Call
In a note published this week, Kendrick argued that multiple indicators are aligning for a sustained Bitcoin rally. He described the environment as a 'crypto spring' — a period of renewed optimism after a cold market. The analyst didn't mince words: the combination of macro easing, ETF demand, and a clear price floor makes this distinct from the bearish periods of late 2025. The timing is notable — spring in the Northern Hemisphere is just ending, but Kendrick suggests the metaphorical season is only beginning.
ETF Inflows Return
Spot Bitcoin exchange-traded funds have seen net inflows for the first time in weeks. Data from the past several trading sessions shows investors adding exposure, reversing a trend of outflows that had dragged sentiment down. The resumption of inflows is a key pillar of Kendrick's thesis: institutional money is coming back, and it's not just retail traders driving the move. The shift follows a period of regulatory uncertainty that kept many large funds on the sidelines.
CEO's $60,000 Bottom
Coinbase CEO Brian Armstrong added his voice to the bullish chorus, stating this week that Bitcoin likely bottomed near $60,000. That level was tested several times in recent months and held, giving traders a concrete floor to work with. Armstrong's comment carries weight given Coinbase's role as a primary on-ramp for U.S. investors. The exchange itself has seen trading volumes pick up, though the CEO didn't provide specific numbers. The $60,000 call aligns with technical support many chartists had flagged.
Oil's Role in the Rally
Declining oil prices are cited as a contributing factor to Bitcoin's bullish indicators. Crude has dropped roughly 15% from its peak this year, easing inflation concerns and reducing pressure on central banks to keep rates high. Lower energy costs tend to free up capital for risk assets, and Bitcoin has historically moved inversely to oil during periods of macroeconomic calm. Kendrick noted that the correlation isn't perfect, but the trend is supportive.
What's next? The market now watches to see if the 'crypto spring' narrative holds through the summer months. ETF flows will be a key tell — if the inflows accelerate, the thesis gains credibility. No one is calling for a parabolic run yet, but the pieces are on the board.
