Bitcoin ETF Sees Two Consecutive Weeks of Net Inflows, 10x Research Signals Buy Again
Bitcoin ETF Sees Two Weeks of Inflows Totaling $1.3 Billion, Fully Offset Outflows in April. Coupled with the recent slowdown in US inflation data, which has driven risk assets such as stocks to new highs, Bitcoin has rebounded above its May low of $56,000 and was trading at $67,201 before the deadline. The trading model based on the Bitcoin ETF by 10x Research has once again triggered a buy signal. Does Bitcoin have a chance to challenge its historical high of $73,777 in the near future?
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Bitcoin ETF Sees Two Weeks of Inflows
Bitcoin Stabilizes at $67,000
Buy Signal Triggered by 10x Research
According to Bloomberg ETF analyst Eric Balchunas, as of 5/16, the Bitcoin ETF has seen two weeks of consecutive inflows totaling $1.3 billion, fully offsetting outflows in April and bringing it back close to the high watermark of $12.3 billion in net inflows since its launch.
Balchunas points out that it is best not to be too emotional about the inflow and outflow of funds, as this is the daily routine of ETFs. However, he believes that:
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They will be in net inflows in the long term
Compared to the asset value (AUM), the amount of flow currently accounts for only 1-2%
Balchunas optimistically believes that as a reference, it will never end or regress!
In fact, the recent inflows into the Bitcoin ETF have also driven the rise of Bitcoin. Coupled with the recent slowdown in US inflation data, which has driven risk assets such as stocks to new highs, Bitcoin has rebounded from its May low of $56,000 and was trading at $67,201 before the deadline. From a technical perspective, it has broken through multiple moving averages.
According to a tweet by 10x Research, the trading signal based on the Bitcoin ETF (GBTC) model has been triggered. Although this model does not guarantee success with every trading signal, generally speaking, it provides timely reminders to investors with a 70-80% probability of ending in a flat trading range. The last time this model was triggered was on January 30, 2024, when GBTC rose by 68.7%.
So, does Bitcoin have a chance to challenge its historical high of $73,777 again?
10x research
BTC
Bitcoin ETF
Further Reading
DTCC: Bitcoin and Cryptocurrency ETFs No Longer Eligible as Collateral from April 30
Bitcoin Halving Countdown! CleanSpark CEO Optimistic About Post-Halving Developments, Identifies Four Major Winners
