Young Ju noted that new BTC whales have an on-chain cost basis of around $56,000 and expects substantial capital influxes into the spot Bitcoin ETF market if BTC reaches this price level.
Amid Bitcoin’s price decline, the spot Bitcoin ETF market has been gloomy recently. Despite these persistent declining net flows, Ki Young Ju, a prominent analyst and CEO at CryptoQuant, has predicted a possible resurgence in the spot Bitcoin ETF market.
In a post on X on March 22, Ki Young Ju shared that spot Bitcoin ETF netflows could rise 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.
According to data from analytics firm BitMEX Research, these BTC ETFs have recorded a negative flow for the last four trading sessions. This situation has been marked by significant 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.
