Standard Chartered has declared the crypto winter over. The bank's analysts issued the call this week, breaking with the cautious stance most traditional finance firms have held through the downturn. Separately, three major overhangs that dragged on the market — the Iran War, the SpaceX IPO, and persistent ETF outflows — are reportedly lifting.
The bank's call
Standard Chartered didn't mince words. In a note to clients, it said the bear cycle that gripped crypto for the past two years has ended. The bank has been one of the more bullish institutions on digital assets, but this is the first time it has made such a definitive statement. No specific price targets came with the declaration — just a directional read that the worst is behind us.
What's lifting
Three overhangs had kept a lid on prices: geopolitical risk from the Iran conflict, uncertainty around the SpaceX IPO, and months of net outflows from spot Bitcoin ETFs. Now, all three are reportedly easing. Exactly how — diplomatic progress, IPO clarity, or a shift in fund flows — isn't clear from the reports. But the combined effect, according to market participants, is a lighter mood.
A major bank calling the end of a bear market carries weight. Standard Chartered's note could push other institutions to adjust their outlooks. The timing — mid-June 2026 — also aligns with a period of improving trading volumes and declining volatility. If the overhangs continue to fade, the recovery could gain a firmer footing.
The next real test is whether ETF flows turn positive and stay there. That, along with a smooth SpaceX IPO, would reinforce the narrative. For now, Standard Chartered has put its name behind the idea that winter is over.
