10x Research founder: The average entry price for Bitcoin ETFs is between $60,000 and $61,000, with 30% of the inflow belonging to basis trading

ChainCatcher news, according to CoinDesk, 10x Research founder Markus Thielen stated that the estimated average entry price for Bitcoin ETFs is between $60,000 and $61,000, and retesting this level could trigger a wave of liquidations. Additionally, 30% of the inflows belong to a non-directional arbitrage strategy, namely basis trading, rather than direct bullish bets.

Markus Thielen added, "When Bitcoin dropped to $56,500 on May 2, BlackRock claimed that 'sovereign wealth funds and pension funds' were coming, which helped to halt the decline, but now BlackRock states that 80% of the Bitcoin in the IBIT ETF they purchased comes from retail investors, not institutions."