10x Research founder: The average entry price of Bitcoin ETF is $60,000 to $61,000, and 30% of the inflows are basis trading

CoinVoice recently learned that according to CoinDesk, Markus Thielen, founder of 10x Research, estimated that the average entry price of Bitcoin ETFs is $60,000 to $61,000, and retesting this level may trigger a wave of liquidations. In addition, 30% of the inflows belong to a non-directional arbitrage strategy, namely basis trading, rather than a direct bullish bet.

Markus Thielen added: “When Bitcoin fell to $56,500 on May 2, BlackRock claimed that ‘sovereign wealth funds and pension funds’ were coming, which helped to stop the decline, but now BlackRock says that 80% of their purchases of the Bitcoin IBIT ETF came from retail investors, not institutions.” [Original link]