Changpeng Zhao Targets $1 Million Bitcoin as ETF Outflows Mount

Zhao’s outlook, shared in an interview with The Block, hinges on the premise that current Bitcoin ownership is concentrated among a tiny fraction of the global population. He posits that even a modest increase in retail and institutional participation across future market cycles could drive the asset to $600,000, eventually pushing it toward the $1 million milestone by 2033. For Zhao, these price targets are tethered to the inevitable expansion of the user base rather than the day-to-day fluctuations of investment vehicles.

This long-term optimism contrasts with the immediate reality of the ETF market. Data from SoSoValue indicates that BlackRock’s IBIT led the recent wave of withdrawals, accounting for $212.45 million in outflows. Despite this, cumulative net inflows for these funds remain substantial at $51.15 billion, with total net assets hovering near $70.95 billion. The trading volume of $2.53 billion suggests that while institutional sentiment hit a speed bump, market participation remains active.

Technically, Bitcoin faces a narrow corridor. Trading near $60,100, the asset is currently pinned beneath Supertrend resistance at $60,900 and a descending trendline that has defined the market since mid-June. A decisive break above $61,444 is required to shift momentum toward the $63,673 and $65,261 targets. Conversely, should the price slip below the $60,065 Fibonacci support, the market risks a decline toward the $57,835 swing low. While the MACD histogram shows signs of fading bearish pressure, the immediate direction of the market rests on whether institutional demand can absorb the recent liquidity drain.