Bitcoin spot ETF saw a net inflow of $15.7 million on the 25th, ending the net outflow streak of the past five days. 10X Research, an analytical firm, predicts a significant rise in Bitcoin this week, with a next target price of $83,000 and even the possibility of surpassing the $100,000 mark.
(Previous Summary:
Bitcoin breaks through the $70,000 mark again, Ethereum reaches $3,600, where is the next target?)
(Background Supplement:
Bitcoin ETF aggressively attracts traditional funds to replace gold? JP Morgan pours cold water: not flowing into Bitcoin ETF, just switching to physical gold bars)
Table of Contents:
Funds Changes in Major Bitcoin ETFs on the 25th
Recent BTC Decline Stemming from Genesis Liquidation?
10X Research Bullish on Breaking $83,000
As Bitcoin returns to the $70,000 mark today, according to SoSoValue data, BTC spot ETF saw a net inflow of $15.7 million on the 25th, ending the trend of net outflows over the past five days.
Previously, from the 18th to the 22nd, Bitcoin spot ETF had a net outflow of $887 million over five trading days.
Changes in Bitcoin spot ETF inflows and outflows | Image Source: SoSoValue
From the chart below, it can be seen that on the 25th, Grayscale’s GBTC had a net outflow of $350 million, BlackRock’s IBIT had a net inflow of approximately $35.5 million, Fidelity’s FBTC had a net inflow of approximately $261.8 million, Bitwise’s BITB had a net inflow of approximately $14 million, and so on.
Changes in Bitcoin spot ETF inflows and outflows | Image Source: SoSoValue
Regarding the reason for the recent selling pressure on Bitcoin, Coinbase released a report last Saturday stating that during the period from 3/18 to 3/21, GBTC had a massive net outflow of $1.83 billion, which was the main cause of the significant net outflows in Bitcoin spot ETF last week. The selling pressure from GBTC is likely due to the liquidation of bankrupt cryptocurrency lending institution Genesis.
However, despite this, Bloomberg ETF analyst Eric Balchunas pointed out that BlackRock and Fidelity’s Bitcoin spot ETFs have seen net inflows for 50 consecutive trading days, which is unprecedented for new ETFs. However, there is still a long way to go to break the record of JPMorgan’s actively managed ETF, which saw 160 consecutive days of net inflows.
As Bitcoin spot ETF returns to net inflows, 10X Research, an analytical firm, released a market analysis report this week stating that after two weeks of bearish sentiment, three reversal indicators are showing a bullish trend, and it is expected that Bitcoin will rise significantly this week, unless the key support level of $68,330 is broken.
Markus Thielen, the founder of 10X Research, stated yesterday that if Bitcoin stabilizes at $68,330, it will technically form a head and shoulders bottom pattern, and Bitcoin will directly surge towards the next historical high target price of $83,000, or even surpass the $100,000 mark.
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