CZ Ignores ETF Exodus With $1 Million Bitcoin Call

Bitcoin has remained under pressure after US spot ETFs recorded outflows of $222.64 million, while Changpeng Zhao has reiterated his belief that the cryptocurrency can reach $1 million in the next decade.

According to an interview Zhao gave to Block, the Binance founder argued that Bitcoin ownership remains extremely limited around the world, with less than 1% of people currently owning the asset.

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

Low ownership remains key to Zhao’s bullish outlook

Building on that argument, Zhao said Bitcoin could rise to around $600,000 during the next major market cycle, representing roughly a five-fold increase from current levels. He added that it would only take another cycle to double that Bitcoin valuation to reach the million-dollar milestone, and described the scenario as achievable if adoption continues to expand.

Although Zhao acknowledged that he could not predict exactly when those milestones would be reached, he maintained that long-term price appreciation would depend more on property growth than on 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 widespread.

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

Institutional demand pauses while technical resistance remains

While Zhao focused on Bitcoin’s long-term adoption story, US Bitcoin Spot ETFs experienced a setback on June 30 after recording $222.64 million in net outflows. SoSoValue data showed that BlackRock’s IBIT accounted for the largest withdrawal, recording $212.45 million in net outflows during the session.

Even with daily withdrawals, cumulative net inflows into US Spot Bitcoin ETFs amounted to $51.15 billion, while total net assets remained at $70.95 billion. Daily trading volume reached $2.53 billion, indicating that investors continued to actively trade despite the temporary reduction in fund flows.

The ETF withdrawals also coincided with Bitcoin’s struggle to regain key technical levels. On the 4-hour chart, the cryptocurrency traded near $60,100, just above the 23.6% Fibonacci retracement around $60,065, while holding below Supertrend resistance near $60,900. A descending trend line connecting lower highs since mid-June continued to limit rallies, leaving sellers in control unless buyers reclaim the nearby resistance.

If buyers manage to overcome the Supertrend and the descending trend line, Bitcoin could target the 38.2% Fibonacci level near $61,444, followed by $62,559 at the 50% retracement. A sustained move beyond those barriers would expose the 61.8% Fibonacci level around $63,673, and the 78.6% retracement near $65,261 would become the next major upside target.

On the downside, losing the $60,065 Fibonacci support could increase selling pressure towards the recent low around $57,835. A break 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 pointed to improving conditions. The MACD histogram has turned positive and the MACD lines have started to curve upwards, suggesting that the bearish momentum is fading even though an uptrend reversal is yet to be confirmed.

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

A recovery above nearby resistance could strengthen the case for a move towards the mid-$63,000 region, while another rejection could keep the focus on support near $57,800. Meanwhile, Zhao’s $1 million forecast remains based on a much longer timeline driven by rising global Bitcoin ownership rather than near-term fund flows.