Cryptocurrency research institution 10x Research founder Markus Thielen warned in a report on Monday that if the inflow of funds for the Bitcoin spot ETF this week is lower than expected, BTC could fall to $59,000.
Bitcoin has faced significant price corrections in recent days, with another rapid drop from the $67,000 level this morning, reaching a low of $64,628. At the time of writing, it has temporarily returned to $65,000, without showing any significant bullish momentum.
According to 10x Research, if the inflow of funds for the Bitcoin spot ETF is disappointing, Bitcoin’s correction could continue, possibly falling to $59,000, which indicates a further drop of over 10% from its current price.
The report also states that although there may be deeper adjustments, the cryptocurrency bull market is not yet over. “We can still expect Bitcoin to rise significantly in the coming months, as the bull market may continue. If BTC recovers above $70,000, a rebound could open the door to a substantial price increase.”
It is worth noting that Bloomberg ETF senior analyst Eric Balchunas mentioned that the demand for Bitcoin spot ETFs currently comes mainly from retail investors rather than large institutions. According to data provided by Balchunas, the largest asset management giant, BlackRock’s Bitcoin spot ETF “IBIT,” has an average of 250,000 trades per day with an average trade size of 326 shares, approximately $13,000. It was confirmed that the main demand comes from retail investors.
If the current inflow of funds for Bitcoin spot ETFs is primarily from retail investors, the recent significant price correction of BTC may cause these investors to sell, further pushing the Bitcoin price down.
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