CZ cancels ETF exit with $1 million Bitcoin call

Bitcoin remains under pressure after US ETFs recorded $222.64 million in outflows, while Changpeng Zhao reiterated his belief that the cryptocurrency could reach $1 million in the next decade.

According to an interview that Zhao gave to Block, the founder of Binance said that Bitcoin ownership remains very limited around the world, and less than 1% of people currently own the asset.

He said the low acquisition rate leaves a lot of room for future demand as more retail and institutional investors enter the market in multiple cycles.

Low ownership remains the foundation of Zhao’s positive outlook

Building on that argument, Zhao said Bitcoin could rise to around $600,000 during the next major market cycle, representing about a five-fold increase from current levels. He added that another round would only need to double that valuation for Bitcoin to reach the $1 million milestone, describing the situation as achievable if adoption continues to grow.

Although Zhao admitted that he could not predict exactly when those milestones would be reached, he maintained that long-term price appreciation will depend more on ownership growth than short-term market speculation. He also noted that institutional participation, along with continued retail acquisitions, could support Bitcoin’s value over time as ownership becomes more widespread.

Zhao’s comments come as long-term Bitcoin price predictions remain a recurring topic in the digital asset industry, with several market participants continuing to argue that growth in global adoption could support higher valuations in the coming years.

Institutional demand stagnates as resistance to technology takes hold

While Zhao focused on the issue of long-term Bitcoin recovery, US spot Bitcoin ETFs experienced problems on June 30 after recording $222.64 million in net outflows. Data from SoSoValue showed that BlackRock’s IBIT accounted for the largest withdrawal, posting $212.45 million in total outflows during the session.

Even if the daily fees are withdrawn, the cumulative income of the entire US Bitcoin ETF stands at $51.15 billion, while total assets remain at $70.95 billion. The daily trading volume reached $2.53 billion, indicating that investors continued to trade actively despite the temporary pull back in fund flows.

The withdrawal of the ETF also coincided with Bitcoin struggling to find important technical levels. On the 4-hour chart, the cryptocurrency traded near $60,100, just above the 23.6% Fibonacci retracement found at around $60,065, while it is below the Supertrend resistance near $60,900. The descending line connecting the lows from mid-June has continued to hold rallies, leaving sellers in control unless buyers retrace nearby.

If buyers are able to break the Supertrend and the descending trendline, Bitcoin could target the 38.2% Fibonacci level near $61,444, followed by $62,559 for a 50% retracement. A further move beyond those barriers would reveal the 61.8% Fibonacci level around $63,673, with the 78.6% retracement near $65,261 being the next major target.

On the other hand, a loss of Fibonacci support at $60,065 could increase selling pressure to the latest swing low around $57,835. A break below that level would negate the current attempt at a rally and leave Bitcoin vulnerable to a deeper decline if buyers fail to enter.

Momentum indicators, however, showed improving conditions. The MACD histogram has turned positive and the MACD lines have started to fold higher, suggesting that the bearish momentum is fading although a confirmed bullish reversal is yet to appear.

Meanwhile, Bitcoin’s short-term direction may depend on whether institutional demand returns after the latest ETF exit.

A recovery above nearby resistance would strengthen the case for a move towards the mid-$63,000 area, while another rejection could underline support near $57,800. Zhao’s $1 million forecast, meanwhile, continues to sit on a much longer timeline driven by growing global Bitcoin ownership rather than short-term fund flows.