Headline: CZ shrugs off ETF outflows, doubles down on $1M Bitcoin prediction as traders weigh short-term weakness
Binance CEO Changpeng Zhao is sticking to a bullish long-term view on Bitcoin even as U.S. spot BTC ETFs posted notable outflows. In an interview with The Block, Zhao reiterated that Bitcoin could reach $1 million over the next decade, arguing that global ownership remains extremely low — “probably less than 1%” of people — leaving substantial room for future demand as retail and institutional adoption grows.
Why CZ still sees $1M as plausible
- Low current adoption: With fewer than 1% of people holding BTC, Zhao says demand can expand significantly as new investors enter the market.
- The math: Zhao suggested a roughly 5x rally in the next major cycle could push Bitcoin to about $600,000; another cycle that doubles from there would put BTC near $1 million. He emphasized that this outcome depends on rising ownership over time rather than short-term speculation, and he flagged institutional participation as a supporting factor.
ETF flows and market context
- U.S. spot Bitcoin ETFs recorded $222.64 million in net outflows on June 30, per SoSoValue data. BlackRock’s IBIT accounted for the bulk of the day’s withdrawals, posting $212.45 million in net outflows.
- Despite the daily pullback, cumulative net inflows into U.S. spot BTC ETFs remain at $51.15 billion, with total net assets of $70.95 billion. Daily trading volume across products was about $2.53 billion, showing continued active trading.
Price action and technical outlook
- BTC was trading near $60,100, hovering just above the 23.6% Fibonacci retracement at $60,065 and below the Supertrend resistance near $60,900.
- A descending trendline of lower highs since mid‑June continues to cap rallies; sellers retain the edge unless buyers reclaim nearby resistance.
- Upside targets if buyers break resistance: 38.2% fib at ~$61,444, 50% at ~$62,559, 61.8% at ~$63,673, and the 78.6% retracement near ~$65,261.
- Downside risk: losing the $60,065 fib support could intensify selling toward the recent swing low around $57,835; a break below that would threaten the current rebound attempt.
- Momentum signals look mildly constructive: the MACD histogram turned positive and MACD lines are curling higher, suggesting bearish momentum is easing though a confirmed bullish reversal has not yet formed.
Bottom line
Zhao’s $1 million forecast remains a long-horizon thesis based on adoption trends rather than short-term fund flows — a stance that contrasts with the immediate market noise from ETF outflows. In the near term, Bitcoin’s direction will likely hinge on whether institutional demand returns and whether buyers can clear the nearby technical barriers.
Disclosure: This article is for informational purposes only and does not constitute investment advice. Sources: The Block interview with Changpeng Zhao; SoSoValue ETF flow data; on‑chain and technical market data as noted.
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