Binance CEO Changpeng Zhao is doubling down on a long-term Bitcoin bull case even as U.S. spot ETFs saw a one-day pullback, saying the flagship crypto could reach $1 million within the next decade if adoption keeps climbing.
What CZ said
- In an interview with The Block, Zhao argued global Bitcoin ownership remains “probably less than 1%,” leaving “significant” room for future demand as retail and institutions gradually come on board.
- He sketched a path to $1 million that relies on multi-cycle adoption rather than short-term speculation: a roughly 5x move in the next major cycle could take BTC to about $600,000, and another cycle that doubles that level would clear the $1 million mark. He stopped short of naming exact timing but framed the outcome as “totally possible” if ownership broadens worldwide.
ETF outflows and market context
- The bullish talk arrived on a day U.S. spot Bitcoin ETFs posted $222.64 million in net outflows (June 30), according to SoSoValue. BlackRock’s IBIT led withdrawals with $212.45 million exiting the fund in that session.
- Despite the daily outflow, the ETF story remains sizable: cumulative net inflows into U.S. spot Bitcoin ETFs are about $51.15 billion and total net assets sit near $70.95 billion. Trading stayed active, with daily volume roughly $2.53 billion.
Price action and technical picture
- Bitcoin traded near $60,100, teetering just above the 23.6% Fibonacci retracement (~$60,065) and below Supertrend resistance near $60,900. A descending trendline from mid-June continues to cap upside, keeping sellers in control unless buyers reclaim nearby resistance.
- Potential upside targets if bulls overcome the Supertrend and trendline:
- 38.2% Fib: ~$61,444
- 50% Fib: ~$62,559
- 61.8% Fib: ~$63,673
- 78.6% Fib: ~$65,261
- Downside risk: a break below the $60,065 Fib support could expose the swing low near $57,835 and threaten the current rebound attempt.
- Momentum hints at improvement: the MACD histogram has flipped positive and the MACD lines are curling higher, suggesting bearish pressure may be easing, though a confirmed bullish reversal has not yet formed.
Bottom line
Zhao’s $1 million forecast is a long-horizon, adoption-driven thesis — one that assumes global ownership grows well beyond today’s sub-1% level. Short-term price direction, however, may hinge on whether institutional demand returns after the ETF outflows and whether buyers can push Bitcoin back above key technical resistances.
Disclosure: This is not investment advice. The content is for educational and informational purposes only.
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