Standard Chartered Bank analyst: expects Bitcoin to continue its downward trend, with prices affected by selling pressure from spot ETFs

According to BlockBeats, on February 26th, Jeff Kendrick, head of cryptocurrency research at Standard Chartered Bank, stated that Bitcoin will continue its recent decline and is expected to further drop by 10%. Kendrick added that the decline in the yield of US treasury bond bonds may boost the price of Bitcoin. In the long run, against the backdrop of slowing economic growth and rising inflation expectations, the yield of US treasury bond bonds hit a low of 4.32% on Tuesday, the lowest level since mid December. The decline in returns may prompt investors to withdraw their investments and seek better performing assets such as Bitcoin, but now is still not the best time to start buying Bitcoin. Because the US Bitcoin spot ETF may experience capital outflows. If economic skepticism forces investors to sell their Bitcoin ETFs, then the price of Bitcoin will definitely fall. BlockBeats previously reported that the US Bitcoin spot ETF had a net outflow of $935 million yesterday, setting a record for the highest outflow since its launch. Since February, the US Bitcoin spot ETF has accumulated outflows of $2.415 billion, or set a monthly net outflow record.