Bitcoin ETF Netflows May Experience Rebound If This Price Is Attained, Analyst Explains
2024年3月23日 - 4:25PM
NEWSBTC
In line with the decline in Bitcoin’s price, the spot Bitcoin ETF
market has appeared rather gloomy in recent days. According to data
from analytics firm BitMEX Research, these BTC ETFs have recorded a
negative netflow for the last four trading sessions. This
situation has been marked by large levels of Grayscale’s GBTC
outflows and the record low inflows for the other ETFs, mainly the
market leaders BlackRock’s IBIT and Fidelity’s FBTC. However,
amidst these persistent declining netflows, Ki Young Ju, a
prominent analyst and Chief Executive Officer at Cryptoquant, has
predicted a possible resurgence in the spot Bitcoin ETF market.
Related Reading: Bitcoin Long-Term Holders & Price Top:
Glassnode Reveals Pattern Analyst Pinpoints $56,000 Level As
Critical To Bitcoin ETF Recovery In a post on X on March 22, Ki
Young Ju shared that a rise in spot Bitcoin ETFs netflows could
occur even as the BTC price decline continues. Using data from the
historical netflow trends, the analyst noted that demand for
Bitcoin ETFs usually kicks in when the cryptocurrency traces to
certain support levels. Young Ju stated that, in particular,
new BTC whales, especially ETF buyers, have shown to have a $56,000
on-chain cost basis. This suggests that the new significant holders
of Bitcoin, particularly those invested in ETFs, usually purchased
Bitcoin at an average price of $56,000. Following this trend,
the crypto quant boss believes the spot Bitcoin ETF market could
experience massive inflows if BTC reached the specified price
level. #Bitcoin spot ETF netflows are slowing. Demand may rebound
if the $BTC price approaches critical support levels. New whales,
mainly ETF buyers, have a $56K on-chain cost basis. Corrections
typically entail a max drawdown of around 30% in bull markets, with
a max pain of $51K. pic.twitter.com/vZCG4F0Gh5 — Ki Young Ju
(@ki_young_ju) March 22, 2024 For now, Bitcoin’s price has
oscillated between $62,000 and $68,000, as seen in the last week.
However, Young Ju believes that such a descent is quite feasible as
price corrections usually see a maximum decline of 30%. Using BTC’s
most recent high of $73,750, the analyst predicts the asset price
could still trade as low as $51,000. Related Reading:
Stablecoins Steal The Spotlight: $150 Billion Market Cap, $122
Billion Daily Trades BTC Price Overview At press time, Bitcoin
continues to trade at $64,065.74, representing a decline of 3.73%
and 7.17% in the last one and seven days. Meanwhile, the asset’s
daily trading volume is down 3.53% and valued at $39.62
billion. Following historical trends of the bull cycle, it is
possible that BTC may have reached its price peak leading up to the
halving event in April. If that is the case, Bitcoin may likely not
return to previous high price levels soon and could experience
further price drops in the coming weeks. BTC trading at
$64,315.00 on the hourly chart | Source: BTCUSDT chart on
Tradingview Featured image from Euronews, chart from Tradingview
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