Bitcoin Surpasses the 70,000 Milestone Once Again: Will Bitcoin Spot ETF Escape the Nightmare of Net Outflows?
Bitcoin rose steadily from the pre-market of US stocks last night, reaching a high of $71,150. In the short term, it has exceeded the neckline position of the head and shoulders bottom formed in the past half month. Due to the net outflow of Bitcoin spot ETF last week, the price of Bitcoin has been continuously corrected. However, according to the latest data, Bitcoin spot ETF may have escaped the nightmare of net outflow yesterday and has the opportunity to lead Bitcoin to break through.
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10X Research: Short-term target at $83,000
Net outflow of Bitcoin spot ETF has slowed down
10X Research released a line chart of Bitcoin breaking through the triangle convergence range early yesterday. 10X Research believes that the next target of Bitcoin will be determined this week, with a short-term target at $83,000.
Previously, 10X Research believed that Bitcoin might pull back to $63,000 and expected a recovery trend afterwards. The target prices given at that time were:
April: $77,000
May: $99,000
Long-term target: $125,000
(Positive view on pullback? 10X Research: Bitcoin breaking new highs guarantees an upward trend, and the pullback is only temporary)
According to the latest statistics from Farside Investors, Grayscale GBTC had a net outflow of $350 million yesterday. Bloomberg analyst Eric Balchunas stated that the net outflow came from Genesis selling and exchanging spot BTC, and the impact is expected to gradually decrease.
(Net outflow of Bitcoin ETF for a week, Bloomberg analyst: Genesis selling and exchanging spot BTC)
However, overall, the net outflow of Bitcoin spot ETF has slowed down, and Fidelity FBTC had a net inflow of $260 million yesterday. Previously, inflows of BlackRock IBIT were almost always higher than FBTC. If IBIT’s data is updated, the overall data yesterday may be reversed.
Bitcoin
Bitcoin spot ETF
Extended Reading
Bitcoin completes short-term holders and miners’ sell-off, CryptoQuant: Bull market is far from over
Net outflow of Bitcoin ETF for four consecutive days narrows, Bloomberg analyst: Worst-case scenario is about to end
