Despite mounting Bitcoin ETF outflows that neared $500 million in three days, dip buying by large BTC holders may lead to an imminent market reversal.
Crypto investor sentiment continues to be pressured by global trade tensions between the United States and China, which resulted in nearly $500 million worth of outflows within three days, reinforcing analyst expectations of a forthcoming market bottom.
Despite some gloomy investor sentiment, ARK Invest’s Cathie Wood remains optimistic about Bitcoin’s trajectory to over $1.5 million by 2030, driven by continuing institutional adoption of the world’s first cryptocurrency.
Bitcoin price may reach $1.5 million by 2030 — Cathie Wood
Bitcoin’s chances of reaching $1.5 million are improving as institutional investors increase their exposure to digital assets, according to ARK Invest CEO Cathie Wood.
Bitcoin
has been trading under the key $100,000 level since Feb. 4, as investor sentiment has been pressured by global trade war concerns following import tariffs announced by the US and China.
Despite the temporary market slump, Bitcoin’s odds of surpassing $1.5 million a coin have increased, according to Wood.
“Many people know us for our [Bitcoin] bull case, $1.5 million,” said Wood during a videopublished on Feb. 11, adding:
“We actually think the odds have gone up that our bull case will be the right number because of what is becoming the institutionalization of this new asset class.”
Bitcoin retail, ETF outflows mount to $494 million; analysts eye market bottom
Retail investors are increasingly liquidating their Bitcoin holdings amid increasing institutional outflows and global geopolitical tensions.
The number of Bitcoin
addresses with a non-zero balance sank below 52.5 million, marking a five-month low last seen in September 2024, Glassnode datashows.
In comparison, the Bitcoin network boasted over 52.6 million such wallets on Jan. 20, when Bitcoin reached an all-time high of $109,000, Cointelegraph Markets Pro data shows.
However, most selling pressure stemmed from the US spot Bitcoin exchange-traded funds (ETFs).
The Bitcoin ETFs recorded more than $251 million of cumulative net outflows on Feb. 12, marking the third consecutive day of net negative outflows, amounting to $494 million, Farside Investors data shows.
Still, some analysts say the crypto market is setting up for a reversal, based on growing accumulation among large Bitcoin holders known as whales.
