Bitcoin ETF has seen net inflows for 2 consecutive weeks! 10x Research: Buy signal appears again

Bitcoin ETF inflows reached $1.3 billion for two consecutive weeks, completely offsetting April’s outflows. Coupled with the recent slight slowdown in U.S. inflation data, which has driven risky assets such as stocks to continue to reach highs, Bitcoin has also rebounded from the low of 56K in early May and was trading at $67,201 at the time of writing. 10x Research’s trading model based on the Bitcoin ETF has once again received a buy signal. Is there any chance that Bitcoin will challenge the historical high of 73,777 in the near future?

Bitcoin ETF has seen capital inflows for two consecutive weeks

According to a tweet from Bloomberg ETF analyst Eric Balchunas, as of May 16, Bitcoin ETF has seen capital inflows of US$1.3 billion for two consecutive weeks. That fully offset April's outflows, bringing it back near the high-water mark of $12.3 billion in net inflows since launch.

Balchunas pointed out that it’s best not to get too emotional about the flows in and out, because this is the daily life of ETFs, but he believes:

• They will be net inflows in the long term

• Compared to the asset value (AUM), the current amount of traffic only accounts for 1-2%

Balchunas is optimistic that: with this For reference, it never ends or goes backwards!

Bitcoin stands firm at 67K

In fact, the recent inflow of Bitcoin ETF funds has also driven the rise of Bitcoin, coupled with the recent slight slowdown in US inflation data, driving risks such as stocks As sexual assets continue to hit highs, Bitcoin has also rebounded from the low of 56K in early May, and was reported at $67,201 at the time of writing. Judging from the technical line shape, it has broken through multiple moving averages.

10x Research buy signal has been triggered

According to a tweet from 10x Research, its trading signal modeled on the Bitcoin ETF (GBTC) has been triggered. While not every trading signal from this model will be successful, generally speaking, they provide investors with a timely reminder when a flat trading range is likely to end 70-80% of the time. The last time the model triggered was on January 30, 2024, when GBTC rose 68.7%.

Is there any chance that Bitcoin will challenge the all-time high of $73,777 again this time?

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