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 analysis firm, predicts a significant increase in Bitcoin this week, with a target price of $83,000 and even the possibility of surpassing the $100,000 mark.
Table of Contents:
Funds Variation of Major Bitcoin ETFs on the 25th
Recent BTC Decline Related to Genesis Liquidation?
10X Research Optimistic about Breaking $83,000
As Bitcoin returns to the $70,000 mark and Ethereum surpasses $3,600, where will the next target be?
Background:
Bitcoin ETFs Attract Traditional Funds to Replace Gold? JP Morgan Throws Cold Water: No Flow into Bitcoin ETF, Just a Shift to Physical Gold Bars
Funds Variation of Major Bitcoin ETFs on the 25th:
According to data from SoSoValue, Bitcoin spot ETF saw a net inflow of $15.7 million on the 25th, ending the trend of net outflows over the past five days. Prior to this, Bitcoin spot ETF had a net outflow of $887 million during the five trading days from the 18th to the 22nd.
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Bitcoin spot ETF inflow and outflow variation | Image Source: SoSoValue
From the chart below, it can be seen that on the 25th, Grayscale GBTC saw 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.
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Bitcoin spot ETF inflow and outflow variation | Image Source: SoSoValue
In addition, regarding the reason for the surge in Bitcoin selling pressure last week, Coinbase issued a report last Saturday pointing out 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 outflow of Bitcoin spot ETF last week. The selling pressure from GBTC is likely due to the liquidation of bankrupt crypto 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 160 consecutive days of net inflows set by JPMorgan’s stock premium active ETF.
While Bitcoin spot ETF returns to net inflows, 10X Research, an analysis firm, released a market analysis report for this week, stating that after two weeks of bearish sentiment, three reversal indicators show a bullish trend, expecting a significant increase in Bitcoin this week unless the crucial support at $68,330 is broken.
Yesterday, Markus Thielen, the founder of 10X Research, stated that if Bitcoin stabilizes at $68,330, it will form a technical pattern of a head and shoulders bottom, and Bitcoin will directly surge towards the next historical high target price of $83,000, or even surpass the $100,000 mark.
Related Reports:
Bitcoin ETF Sees Net Outflows for Five Consecutive Days: BTC Falls Below $62,000, ETH Drops Below $3,300, What Do Bloomberg Analysts Think?
Bitcoin ETF Sees Net Outflows for Four Consecutive Days: BTC Falls Below $65,000, ETH Drops Below $3,500, Has the Selling Pressure Ended?
Bitcoin Spot ETF Sees Net Outflows of $740 Million in Three Days: Is the BTC Selling Wave Over?