CZ blocks ETF withdrawal with $1 million Bitcoin call

Bitcoin continues to be under pressure after the US spot ETF recorded outflows of $222.64 million, with Changpeng Zhao reiterating his belief that the cryptocurrency could reach $1 million within the next decade.

According to an interview Zhao gave to Block, the Binance founder claimed that Bitcoin ownership is extremely limited globally, with less than 1% of people currently holding the asset.

He said the low level of adoption leaves significant room for future demand as more retail and institutional investors enter the market over multiple cycles.

Low ownership remains key to Zhao’s optimistic outlook.

Based on these claims, Zhao said Bitcoin could rise to around $600,000 during the next major market cycle, which could be around five times its current level. He added that Bitcoin would only need to double its valuation in another cycle to reach the $1 million milestone, and outlined a possible scenario if adoption continues to expand.

Zhao acknowledged that he could not predict exactly when these milestones would be reached, but argued that long-term price gains would depend more on increased ownership than short-term market speculation. He also noted that institutional participation, along with continued retail adoption, 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 theme across the digital asset industry, with several market participants continuing to argue that rising global acceptance could support higher valuations in the coming years.

Institutional demand halts as technological resistance persists

While Zhao focused on Bitcoin’s long-term adoption story, the U.S. spot Bitcoin ETF suffered a setback after recording net outflows of $222.64 million on June 30. BlackRock’s IBIT accounted for the largest withdrawal, recording net outflows of $212.45 million during the session, according to data from SoSoValue.

Despite daily withdrawals, cumulative net inflows across U.S. spot Bitcoin ETFs were $51.15 billion, with total net assets remaining at $70.95 billion. Daily trading volume reached $2.53 billion, indicating that investors continued to trade actively despite the temporary decrease in fund flows.

The ETF withdrawal also coincided with Bitcoin struggling to regain key technical levels. On the 4-hour chart, the cryptocurrency was trading near $60,100, just above the 23.6% Fibonacci retracement around $60,065 and below the Supertrend resistance near $60,900. The descending trend line connecting the lower highs since mid-June continues to form an upper limit, putting sellers in control unless buyers reclaim nearby resistance.

If buyers break the Supertrend and the descending trend line, Bitcoin could target the 38.2% Fibonacci level near $61,444 and the 50% retracement at $62,559. A sustained move beyond these barriers would expose the 61.8% Fibonacci level near $63,673, while the 78.6% retracement near $65,261 would be the next major upside target.

On the downside, losing the Fibonacci support at $60,065 could increase selling pressure toward the recent low of $57,835. A drop below that level would invalidate the current rebound attempt and leave Bitcoin vulnerable to a deeper decline if buyers do not intervene.

However, momentum indicators suggested an improving situation. The MACD histogram turned positive and the MACD line started to curl higher. This suggests that bearish momentum is fading, even though a confirmed bullish trend reversal has not yet unfolded.

For now, Bitcoin’s near-term direction may depend on whether institutional demand recovers after the recent ETF outflow.

A recovery above resistance nearby could strengthen a move towards the mid-$63,000 area, while another rejection could keep interest on support near $57,800. Meanwhile, Zhao’s $1 million prediction continues to rely on a much longer timeline due to increased global Bitcoin ownership rather than near-term funding flows.