Bitcoin Soars Above 70,000 Mark Again, Will Bitcoin Spot ETF Break Free from the Nightmare of Net Outflows?

Bitcoin rose steadily from the pre-market of the US stock market last night, reaching a high of $71,150. In the short term, it has broken through the neckline of the head and shoulders bottom formation that has been formed for nearly half a 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, yesterday’s Bitcoin spot ETF may have escaped the nightmare of net outflow and has the opportunity to lead Bitcoin to move upward.
Image source: Binance
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10X Research: Short-term target is $83,000
Bitcoin spot ETF outflow has slowed down
Analysis institution 10X Research released a line chart yesterday morning showing Bitcoin breaking through the triangle convergence range. 10X Research believes that the next target of 15,000 points for Bitcoin will be determined this week, and the short-term target is $83,000.
Previously, 10X Research believed that Bitcoin might pull back to $63,000 and expected to resume its upward trend afterwards. The target prices given at that time were as follows:
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Early April: $77,000
May: $99,000
Long-term target: $125,000
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Optimistic about the pullback? 10X Research: Bitcoin breaking new highs guarantees an upward trend, the pullback is only temporary
)
According to the latest statistics from Farside Investors, the net outflow of Grayscale GBTC was $350 million yesterday. Bloomberg analyst Eric Balchunas stated that the outflow came from Genesis selling and cashing out BTC, and the impact is expected to gradually decrease.
(Bitcoin ETF has been net outflow for a week, Bloomberg analyst: because Genesis is selling and cashing out)
However, overall, the outflow of Bitcoin spot ETF has slowed down, and Fidelity FBTC had a net inflow of $260 million yesterday. In addition, considering that the inflow of BlackRock IBIT has almost always been higher than FBTC, if the data of IBIT is updated, the overall data yesterday may be revised positively.
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Bitcoin spot ETF
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Further reading:
Bitcoin completes short-term holder and miner sell-off, CryptoQuant: Bull market is far from over
Bitcoin ETF net outflow narrows for four consecutive days, Bloomberg analyst: the worst situation is about to end