The spot Bitcoin ETF has been a bit gloomy lately, in line with Bitcoin’s decline. According to data from analytics firm BitMEX Research. These BTC-based ETFs had a negative flow for the entire year. last four trading sessions.
Grayscale’s GBTC has seen large outflows while the inflows to the ETFs that are market leaders, BlackRock’s IBIT or Fidelity FBTC have been at record lows. Ki Young Ju (a prominent cryptoquant analyst, Chief Executive officer) has predicted that the Bitcoin ETF spot market could resurgence despite these declining netflows.
Analyst Notes Critical $56,000 Bitcoin ETF Level for Recovery
It is not a post Ki Young Ju said on X, March 22 that a surge in Bitcoin ETFs spot netflows is possible even as BTC’s price continues to decline. The analyst, using historical data on netflows trends noted that Bitcoin ETFs are usually in demand when cryptocurrency prices reach certain levels of support.
Young Ju claimed that the new BTC Whales in particular and ETF purchasers have an average on-chain price basis of $56,000. It is clear that new Bitcoin holders, especially those who have invested in ETFs purchased Bitcoin on average at $56,000. The crypto quant chief believes that if BTC reaches the price target, then the Bitcoin ETF spot market will experience a massive influx of investors.
#Bitcoin Spot ETF net flows are slowing down.
The demand may increase if $BTC Price approaches critical levels of support
On-chain, new whales (mainly ETF purchasers) have an on-chain basis of $56K. In bull markets corrections can result in a maximum drawdown of 30%, and a maximum pain of $51K. pic.twitter.com/vZCG4F0Gh5
— Ki Young Ju (@ki_young_ju) March 22, 2024
Bitcoin has fluctuated in price for the moment between $62,000 and $68,000, As seen last week. Young Ju does not believe that this is possible, as the price corrections are usually capped at 30%. Analyst Young Ju predicts that BTC could fall as low at $51,000, based on the most recent asset high of BTC.
BTC price overview
As of press time, Bitcoin continues To trade at $64,065.74, a drop of 3.73% – and 7.17% – in just the past one week. The asset’s trading volume has fallen by 3.53%, and is now valued at $39,62 billion.
It is possible, based on historical patterns of bull cycles that BTC has reached its highest price before the event of halving in April. In this case, Bitcoin’s price may not be able to return soon to its previous high levels and it could see further drops over the next few weeks.
Source:| Source: BTCUSDT chart on Tradingview
Chart from Tradingview, Featured Image from Euronews
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