ETF Holdings Held Firm, Proving More Resilient Than February Fear

Kendrick’s call is a direct reversal of his February 12 note, where he warned of “pain and final capitulation” and cut his near-term Bitcoin target to $50,000. 

The key variable that changed his view is spot ETF holdings.

In February, he flagged ETF capitulation as a real downside risk. Instead, holdings went from 682,000 Bitcoin to a peak and settled back to roughly 674,000, broadly flat over the period.

“This tells me that ETF holdings are more structurally strong than I had feared in February,” Kendrick wrote in a client note Thursday. 

He maintained his $100,000 year-end Bitcoin target and $4,000 Ethereum…

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