Crypto Decline Likely Not Over: Standard Chartered Slashes Price Targets for Market Majors
Standard Chartered has trimmed its short-term and year-end forecasts for several major cryptocurrencies, warning that continued exchange-traded fund (ETF) outflows and an uncertain macroeconomic environment could keep prices under pressure in the months ahead.
In a new research note, the bank said it now expects Bitcoin to decline toward the $50,000 level in the near term, while Ethereum could find a bottom closer to $1,400. At the time of writing, BTC was trading near the high-$60,000 range, and ETH was hovering just below $2,000.
Geoff Kendrick, the bank’s head of digital assets research, said recent market weakness could extend as ETF investors sitting on losses may be more inclined to cut their exposure rather than add to positions during dips.
ETF Losses Weigh on Sentiment
The research pointed to notable outflows from spot Bitcoin ETFs, with holdings dropping by close to 100,000 BTC from their October 2025 peak.
Recent spot BTC ETF flows (Source: Farside Investors)
According to Kendrick, the average ETF entry price sits around $90,000, leaving many investors with paper losses of roughly a quarter of their initial investment.
That dynamic, he argued, reduces the likelihood of aggressive dip-buying and instead increases the probability of further selling pressure as investors seek to limit losses.
The broader crypto market has already seen a sharp pullback since the start of the year. Bitcoin has fallen by more than 20% in 2026, while the total market capitalization of digital assets has contracted significantly amid heightened volatility and large liquidations across leveraged positions.
Crypto market cap (Source: TradingView)
Risk-Off Environment Hits Crypto
Standard Chartered attributed much of the downturn to macroeconomic concerns.
Slowing global growth expectations and uncertainty around interest-rate policy have pushed investors toward traditional safe-haven assets such as gold.
At the same time, delays in regulatory clarity—particularly in the United States—along with liquidity pressures at some institutions have weighed on overall confidence. The combined effect has been weaker trading activity and more bearish sentiment across a wide range of tokens.
Kendrick noted that markets currently expect no rate cuts before Kevin Warsh’s first Federal Open Market Committee meeting as Federal Reserve chair, which is scheduled for mid-June. This outlook limits near-term support for risk-sensitive assets, including cryptocurrencies.
Lower Targets Across Major Tokens
In light of those conditions, the bank revised down its end-2026 price targets across several major cryptocurrencies. The updated projections include:
- Bitcoin: $100,000, down from a prior $150,000 target
- Ether: $4,000, reduced from $7,500
- Solana: $135, down from $250
- BNB: $1,050, cut from $1,755
- Avalanche: $18, lowered from $100
Despite the reduced targets, the bank still expects a recovery once prices establish a firm bottom, with gains anticipated later in 2026.
Drawdown Less Severe Than Past Cycles
Even with the recent decline, Standard Chartered emphasized that the current correction appears less severe than previous crypto bear markets. At the worst point in early February, Bitcoin had fallen roughly 50% from its October 2025 peak, and about half of the circulating supply remained in profit.
Crucially, the downturn has not been accompanied by the collapse of major industry players, a key difference from the 2022 cycle that saw the failures of platforms such as Terra/Luna and FTX.
Kendrick said this relative stability suggests the asset class is becoming more mature and structurally resilient, even during periods of significant price volatility.
