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Ki Young Ju, CEO of CryptoQuant, has indicated that the bitcoin spot exchange-traded fund (ETF) market could revive if the price of bitcoin (btc) continues to decline. In a recent post on He based his prediction on historical net flow trends, which show that demand for bitcoin ETFs generally increases when the cryptocurrency reaches certain support levels.
According BitMEX Research, a prominent analytics firm, btc spot ETFs have experienced negative net flows over the past four trading sessions. This trend is marked by continued outflows from the Grayscale bitcoin Trust ETF and reduced inflows into other btc ETFs.
Exploring the possible revival of the bitcoin spot ETF market
Ki Young Ju also noted that new btc whales, particularly those investing in ETFs, have an average on-chain cost of around $56,000. He anticipates a significant resurgence of capital inflows into ETFs if the price of bitcoin falls to this level.
The price of btc has been fluctuating between $62,000 and $68,000 during the past week. Young Ju suggests that a further price drop is possible, given that corrections typically see a maximum drop of around 30%, which could see bitcoin drop to around $51,000 from its recent all-time high of $73,750.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF spot net flows are slowing.
The claim can be recovered if $btc the price is approaching critical support levels.
The new whales, mainly ETF buyers, have an on-chain cost of $56k. Corrections typically involve a maximum drawdown of around 30% in bull markets, with a maximum pain of $51,000. pic.twitter.com/vZCG4F0Gh5
– Ki Young Ju (@ki_young_ju) March 22, 2024
Analysts have attributed bitcoin's recent correction to overheated market conditions, referring to it as a “pre-halving pullback” in anticipation of bitcoin's next halving event in April.
A recent report from CryptoQuant suggests that bitcoin's bull cycle is far from over. This is based on the relatively low level of investment flows from new investors and price valuation metrics that are still below levels seen at previous market peaks.
Historically, the bitcoin halving event has been a major catalyst for the btc price, typically leading to a parabolic uptrend.
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