Standard Chartered has told clients that crypto asset prices likely hit their cycle low, pointing to three indicators for confirmation: fresh Bitcoin purchases by Strategy, positive ETF inflows, and falling oil prices. Meanwhile, blockchain security firm Quantstamp linked the $36 million Humanity Protocol exploit to North Korean hackers, and a potential US-Iran peace deal could reopen the Strait of Hormuz, potentially boosting Bitcoin.
Standard Chartered identifies three signs of a Bitcoin bottom
Standard Chartered analyst Geoff Kendrick told clients on Friday that Bitcoin and other crypto assets have likely seen their lowest prices in the current cycle. He is watching for confirmation from three specific signals: Strategy reporting additional Bitcoin purchases, positive inflows into crypto exchange-traded funds (ETFs), and continued declines in oil prices.
Also read: Standard Chartered analyst says Bitcoin bottom is in, points to three confirming signals
“We have now seen the low in crypto asset prices for the cycle. That would be USD59k for BTC (53% down from USD126k high),” Kendrick wrote. Bitcoin was trading around $63,704 on Sunday, according to CoinMarketCap data.
The first signal may have already appeared. Strategy’s Michael Saylor posted his characteristic “Still adding dots” message on Sunday, which typically precedes an announcement of additional Bitcoin purchases. The post gained significant traction, with over half a million views by mid-afternoon Eastern Time.
Also read: Anthropic's Mythos AI finds no further 'serious' bugs in Zcash, says founder Zooko Wilcox
Humanity Protocol exploit linked to North Korean hackers
Blockchain security company Quantstamp has tied the $36 million theft from Humanity Protocol to North Korea-linked threat actors. The attack, which occurred on Monday, involved a phishing email containing a malicious attachment disguised as a token lockup schedule update from South Korean exchange Bithumb.
The malware, signed with a South Korean Hancom digital certificate, gave attackers full remote access to a compromised employee’s laptop. The hackers copied Humanity Protocol director Chong Yee Wai’s MetaMask wallet credentials and private keys, enabling the theft of Humanity (H) tokens.
Quantstamp described the use of the Hancom certificate as “characteristic of DPRK intrusions.” North Korea-linked groups have been responsible for at least $578 million of the $634 million stolen in crypto-related incidents in April alone.
How the phishing attack unfolded
The attackers sent an email that appeared to come from Bithumb, a legitimate South Korean exchange. The attachment, once opened, installed malware that gave the hackers persistent remote access. This allowed them to monitor the director’s activities and eventually steal credentials. The incident highlights the ongoing threat of sophisticated phishing campaigns targeting crypto firms.
US-Iran peace deal could reignite Bitcoin rally
US President Donald Trump announced on Truth Social that a peace deal with Iran is scheduled to be signed on Sunday, which would end the conflict and reopen the Strait of Hormuz. The strait has been blockaded, cutting off 20% of the world’s oil and liquified natural gas supply, driving up global asset prices and pressuring crypto markets.
“The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL,” Trump posted on Saturday.
Iran has not confirmed the timeline. Foreign Ministry spokesperson Esmaeil Baghaei told state media that the memorandum of understanding would not be signed on Sunday but could happen “in the coming days.”
Crypto analyst Michaël van de Poppe predicted that a peace deal would likely trigger a surge in Bitcoin, supported by positive ETF flows. The reopening of the strait would reduce oil prices, easing inflationary pressures and potentially boosting risk assets like crypto.
Conclusion
The crypto market is at a decisive moment. Standard Chartered’s analysis suggests a bottom may be in, pending confirmation from Strategy’s purchases, ETF flows, and oil prices. The Humanity Protocol hack underscores persistent security risks from state-linked actors, while a potential US-Iran peace deal could provide a macro tailwind for Bitcoin. Investors should monitor these developments closely for signs of a sustained recovery.
FAQs
Q1: What are the three signs Standard Chartered is watching for a Bitcoin bottom?
Standard Chartered is looking for Strategy to report additional Bitcoin purchases, positive inflows into crypto ETFs, and continued declines in oil prices. The analyst believes these would confirm that Bitcoin has seen its cycle low.
Q2: How did North Korean hackers steal $36 million from Humanity Protocol?
The attackers used a phishing email with a malicious attachment disguised as a token lockup schedule update from Bithumb. The malware gave them remote access to a compromised laptop, allowing them to steal MetaMask credentials and private keys.
Q3: How could a US-Iran peace deal affect Bitcoin?
A peace deal would reopen the Strait of Hormuz, lowering oil prices and reducing inflationary pressure. This could improve sentiment for risk assets like Bitcoin, especially if accompanied by positive ETF flows. Crypto analysts predict a potential surge in BTC price.
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