10x Research: The average price of Bitcoin ETF buyers’ positions is about 57,300! Can it be a strong support?

This site (120bTC.coM): Bitcoin is currently facing the most severe headwinds in two months, with the largest decline of more than 12% in the past three days. After the US Federal Reserve decided to keep the federal funds rate at 5.25-5.5%, freezing the increase for the sixth consecutive time; although Powell said that he has no intention to further raise interest rates and will slow down the pace of QT (quantitative tightening) from June , overall the position is dovish.

But Bitcoin once fell below US$57,000 at around 9:30 earlier today (2).

10x Research: The average price of U.S. Bitcoin spot ETF buyers’ positions is about $57,300

Since the afternoon of yesterday (1), Bitcoin has fallen below five times, once falling below The $57,000 was pulled back again. Cryptocurrency research institution 10x Research issued an article at the time: According to our estimates, the average entry price for U.S. Bitcoin ETF holders is about $57,300—perhaps even 1-2% higher—which is where the price of Bitcoin is quickly approaching. a level.

At present, if this price level is indeed the average entry price of the US Bitcoin spot ETF, and it cannot be truly broken down after a long period of fluctuation, it may indeed become a current price support for BTC.

Standard Chartered Bank Analyst: BTC may further drop to US$50,000

However, not all analysts hold the same view. According to "The Block" report, Standard Chartered Bank's foreign exchange and digital assets Research director Geoffrey Kendrick said: Bitcoin price fell below $60,000 and has now reopened the road to the $50,000 to $52,000 range. The drivers appear to be a combination of cryptocurrency-specific and broader macro factors.

At the same time, Kendrick mentioned that U.S. spot Bitcoin funds have had net outflows for five consecutive days, and the current average purchase price of ETFs is less than $58,000, posing a risk of liquidation. In addition, he added that the poor response to the spot Bitcoin and Ethereum ETFs launched in Hong Kong this week may also be the reason for the recent decline in Bitcoin prices.

The U.S. Bitcoin Spot ETF has set a new record of net outflows for six consecutive days

According to SoSoValue data, as of April 30, Eastern Time, the Bitcoin Spot ETF has experienced net outflows for the fifth consecutive day. . And according to the platform’s calculations, there was also continuous outflow on the 1st, which means that this will set the longest outflow record since January (6 consecutive days), which is not good news for BTC prices.

As of press time, the total net asset value of Bitcoin spot ETFs is US$47.72 billion, and the ETF net asset ratio (market value as a percentage of Bitcoin’s total market value) is approximately 4.%.

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