Standard Chartered Says Bitcoin Must Hold the Line for DeFi to Beat TradFi | US Crypto News
Standard Chartered’s Geoff Kendrick warned that Bitcoin’s stability now underpins the future of decentralized finance. Ahead of the Singapore FinTech Festival, he called BTC the “apex asset” of DeFi and outlined a three-step accumulation plan—arguing that sub-$100,000 levels could mark Bitcoin’s final major buying opportunity.
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee! Standard Chartered’s latest market note is not just about price targets. Geoff Kendrick, the bank’s Head of FX and Digital Assets Research, says Bitcoin now carries the weight of DeFi’s future. If it collapses, so could the dream of decentralized finance.
Crypto News of the Day: Standard Chartered Says Bitcoin Carries the Weight of DeFi’s Future
Standard Chartered’s Head of FX and Digital Assets Research, Geoff Kendrick, has warned that DeFi’s future hinges on one crucial condition: that Bitcoin remains structurally sound.
Speaking ahead of the Singapore FinTech Festival (SFF), Kendrick described Bitcoin as the “apex asset” underpinning DeFi’s growth. He also noted that any major collapse would undermine the broader digital finance movement.
“It is fair to say these days I spend most of my time talking about DeFi taking over TradFi…but for that to be possible, as the apex asset, Bitcoin needs to not collapse,” Kendrick wrote in an email.
His comments come as institutions, regulators, and innovators plan to converge in Singapore next week to discuss blockchain infrastructure and the future of open finance.
For Standard Chartered, one of the few major banks to actively publish digital asset research, Kendrick’s framing represents a shift from speculative to systemic thinking about Bitcoin’s role in the global economy.
While many analysts focus on price targets, Kendrick’s recent commentary emphasizes Bitcoin’s stability as a foundation for DeFi’s legitimacy.
“DeFi can’t replace traditional finance if its cornerstone asset is volatile or unreliable,” one market observer said in response to Kendrick’s remarks.
Against this backdrop, Kendrick laid out a structured three-step accumulation plan for Bitcoin investors, suggesting that the recent dip below $100,000 “may be the last one ever.” His proposed strategy includes:
- Buying 25% of a target allocation at current levels,
- Another 25% if Bitcoin closes above $103,000, and
- The remainder (50%) once the Bitcoin–gold ratio climbs above 30.
It aligns with remarks from a previous note to clients, where Kendrick stated that Bitcoin’s sub-$100,000 moves could be its last. As indicated in a US Crypto News publication, the bank’s executive noted that it would also mark the final entry point before a renewed bull phase.
Charts of the Day
50-week MA matters = Friday “close” of 103k above/below matters. Source: Kendrick
Bitcoin-gold ratio matters = I would like it above 30. Source: Kendrick
5-day MA of ETF inflows (USDmn) = outflows from both now. Source: Kendrick
Byte-Sized Alpha
Here’s a summary of more US crypto news to follow today:
- Ethereum whales buy $1.37 billion in ETH amid 12% November price drop.
- Bitwise CIO Matt Hougan: “Good DATs do hard things — bad DATs Get Punished.”
- Circle bows to Second Amendment pressure in latest USDC policy update.
- Robinhood Q3 crypto revenue surges to $268 million. Will they launch a token?
- Metaplanet defies Bitcoin bear: Leveraging for long-term treasury.
- Chainlink secures major deal with SBI Digital Markets amid LINK supply drop.
- Zcash price breakout extends with volume support — No sign of exhaustion yet.
- Why Internet Computer’s (ICP) 100% rally might just be getting started.
Crypto Equities Pre-Market Overview
| Company | At the Close of November 5 | Pre-Market Overview |
| Strategy (MSTR) | $255.00 | $252.70 (-0.90%) |
| Coinbase (COIN) | $319.30 | $318.90 (-0.13%) |
| Galaxy Digital Holdings (GLXY) | $31.44 | $32.17 (+2.32%) |
| MARA Holdings (MARA) | $17.33 | $17.09 (-0.23%) |
| Riot Platforms (RIOT) | $18.97 | $19.03 (+0.32%) |
| Core Scientific (CORZ) | $21.80 | $21.96 (+0.73%) |
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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VIPAI Asset Sell-Off and Selective Rotation in Crypto
1. Technology stocks fell sharply as investor interest shifted toward energy and selected defensive assets. From October 10 to 16, the Nasdaq 100 declined 5.49% and the S&P 500 fell 1.95%, while the Dow gained 0.67% and WTI crude rose 10.41%. BTC, ETH, and SOL declined 1.27%, 2.65%, and 4.44%, respectively. This week's technology earnings will be an important test of whether revenue growth, margins, and cash flow can justify current valuations. Better-than-expected results could help stabilize markets in the near term. 2. Crypto continues to see pockets of strong activity, but a broad-based altcoin season has yet to materialize. CoinMarketCap's (CMC) Altcoin Season Index stood at 54 as of the October 18 UTC daily observation, below the altcoin-season threshold of 75, while BTC dominance rose to 60.08%. Our proxy leverage ratio fluctuated between 4.00 and 4.07 during the week, showing no sustained increase and suggesting limited appetite for additional leverage. Meanwhile, as major exchanges expand access to traditional financial assets, the recent sell-off in AI-related equities could attract short-term speculative capital away from crypto. Such capital rotation could make it more difficult for a new altcoin season to take hold. 3. Papertrade's loss-to-mine model has generated significant interest across the crypto community. The protocol combines high-leverage derivatives trading with zero slippage and a mechanism that rewards trading losses with PAPER tokens. Across the eight complete UTC days from October 10 to 17, cumulative reported revenue reached approximately $56.08 million, including $51.90 million distributed to token holders. With growing participation from key opinion leaders (KOLs), Papertrade has reportedly ranked among the top three platforms by profitability in the broader market recently. Assets to watch: BTC, ETH, SOL, ARB, OP, SKHYNIX, SKHY, META, TSLA, LRCX, and SPCX. Key research priorities this week: Cash flow performance in technology earnings; the relative discount and holding costs of the two SK Hynix contracts; and U.S. initial jobless claims and PMI data. Weekly market data cover the period through October 16, while research information was verified through October 18. Observation periods are specified separately for each chart.
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