[Standard Chartered Bank: BTC Sell-off Has Ended, Rebound Expected Before Year-End] According to a report by Jinse Finance, Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank, stated that Bitcoin's recent pullback appears to have ended. He noted that this decline is similar to earlier drops of almost the same magnitude over the past two years. Geoffrey Kendrick added that several market indicators have reset to extreme levels. For example, MicroStrategy's net asset value multiple (mNAV)—a metric comparing the company's market capitalization to the market value of its Bitcoin holdings—has dropped to 1.0. He stated that these 'absolute zero' readings indicate that the market has bottomed out. Geoffrey Kendrick wrote: 'I believe this is enough to suggest that the sell-off has ended and ultimately refutes the argument that the halving cycle remains valid. My base expectation is for a rebound before the end of the year.'