Ki Young Ju, Cryptoquant founder and analyst, Bitcoin (BTC) He suggested that demand for Bitcoin ETFs could increase even as its price continues to fall. In a post, Ju used historical net flow trends to support his prediction.
According to Ju, demand for Bitcoin ETFs generally increases when the BTC price reaches certain support levels. However, the analyst noted that net flows of Bitcoin spot ETFs are currently slowing.
“Demand may recover if the BTC price approaches critical support levels,” Ju said. He also announced that the on-chain cost basis for new whales, primarily ETF buyers, is $56,000.
In bull markets, corrections usually involve a maximum drawdown of around 30%, and in this case the maximum loss point is at $51,000. Ju noted that new whales purchased Bitcoin mostly through spot ETFs at an average price of $56,400. In comparison, the average purchase price of ancient whales is $21,300 thousand.
At the time of writing this article, BTC price is trading at $65.0300 and has gained 2.37% in the last 24 hours.
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!