Bitcoin
(BTC)
will
reach
an
all-time
high
before
the
week
ends,
according
to
Markus
Thielen,
head
of
research
at
10x.
“Price
action
during
the
weekend
is
always
important
to
follow
and
while
attempts
have
been
made
to
[liquidate]
leveraged
long
positions,
there
are
no
sellers,”
said
Thielen
in
a
note
titled,
“Everybody
Will
Be
Astonished
by
Bitcoin’s
Price
Action
This
Week.”
The
cryptocurrency
reached
an
all-time
high
in
euro
terms
on
Monday
and
at
press
time
was
trading
just
above
$67,000,
up
6%
over
the
past
24
hours,
less
than
3%
shy
of
its
all-time
USD
high
of
$69,000
touched
in
November
2021.
The
broader
CoinDesk
20
Index
(CD20)
was
higher
by
5.5%.
Among
other
bullish
signs,
Thielen
noted
a
sizable
decline
of
63,000
bitcoins
held
on
exchanges
over
the
past
30
days.
Coinbase
alone,
he
said,
has
seen
its
balance
fall
from
400,000
to
372,000
in
just
one
month.
It’s
not
all
about
U.S.
ETFs
either,
said
Thielen.
BlackRock,
he
reminded,
just
launched
a
spot
ETF
in
Brazil
last
week,
and
volumes
in
Korea
have
exploded
to
$8
billion
per
day
for
five
straight
days
versus
less
than
$1
billion
previously.
While
outflows
out
of
Grayscale’s
GBTC
product
spiked
last
Thursday
and
Friday
and
inflows
into
BlackRock’s
IBIT
slowed,
Thielen
expects
movement
into
the
BlackRock
product
to
resume
in
force
this
week.
“The
flows
are
not
drying
up
as
investors
feel
more
confident
the
higher
price
appears
to
go.”
Read
more:
Grayscale
GBTC
Selling
Accelerates
but
Bitcoin
ETF
Inflows
Remain
Positive,
Led
by
BlackRock
“If
Grayscale’s
flows
drop
to
less
than
[a]
$100m
outflow,
bitcoin
will
make
a
big
move
up,”
said
Thielen.
