Bitcoin has remained under pressure after U.S. spot ETFs recorded $222.64 million in outflows, while Changpeng Zhao has reiterated his belief that the cryptocurrency can reach $1 million over the next decade.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n According to an interview Zhao gave to Block, the Binance founder argued that Bitcoin ownership remains extremely limited worldwide, with fewer than 1% of people currently holding the asset.<\/p>\n \ud83d\udd25CZ: BITCOIN $BTC<\/a> TO $1 MILLION BY 2033 IS \u201cTOTALLY POSSIBLE\u201d<\/p>\n CZ told The Block that Bitcoin holders in terms of wealth are \u201cprobably less than 1%,\u201d meaning \u201cthe demand for Bitcoin can be significant.\u201d<\/p>\n He said if the next cycle goes 5x, Bitcoin could reach $600K, then the 2023\u2026 pic.twitter.com\/TW9BOsIDmT<\/a><\/p>\n \u2014 Coin Bureau (@coinbureau) July 1, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n 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.<\/p>\n Building on that argument, Zhao said Bitcoin could climb to around $600,000 during the next major market cycle, representing roughly a fivefold increase from current levels. He added that another cycle would only need to double that valuation for Bitcoin to reach the $1 million milestone, describing the scenario as achievable if adoption continues to expand.<\/p>\n Although Zhao acknowledged he could not predict exactly when those milestones would be reached, he maintained that long-term price appreciation would depend more on rising ownership than on short-term market speculation. He also noted that institutional participation, alongside continued retail adoption, could support Bitcoin\u2019s value over time as ownership becomes more widespread.<\/p>\n Zhao\u2019s comments come as long-term Bitcoin price forecasts remain a recurring topic across the digital asset industry, with several market participants continuing to argue that growing global acceptance could support higher valuations over the coming years.<\/p>\n <\/p>\n While Zhao focused on Bitcoin\u2019s long-term adoption story, U.S. spot Bitcoin ETFs experienced a setback on June 30 after recording $222.64 million in net outflows. Data from SoSoValue showed BlackRock\u2019s IBIT accounted for the largest withdrawal, posting $212.45 million in net outflows during the session.<\/p>\n Even with the daily withdrawals, cumulative net inflows across U.S. spot Bitcoin ETFs stood at $51.15 billion, while total net assets remained at $70.95 billion. Daily trading volume reached $2.53 billion, indicating that investors continued to trade actively despite the temporary pullback in fund flows.<\/p>\n The ETF withdrawals also coincided with Bitcoin struggling to reclaim 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 remaining below the Supertrend resistance near $60,900. A descending trendline connecting lower highs since mid-June continued to cap rallies, leaving sellers in control unless buyers reclaim nearby resistance.<\/p>\n If buyers manage to break above the Supertrend and the descending trendline, 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, with the 78.6% retracement near $65,261 becoming the next major upside objective.<\/p>\n On the downside, losing the $60,065 Fibonacci support could increase selling pressure toward the recent swing 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 fail to step in.<\/p>\n Momentum indicators, however, hinted at improving conditions. The MACD histogram has turned positive and the MACD lines have started curling higher, suggesting bearish momentum is fading even though a confirmed bullish trend reversal has yet to develop.<\/p>\n For now, Bitcoin\u2019s short-term direction may depend on whether institutional demand returns after the latest ETF outflows.<\/p>\n A recovery above nearby resistance could strengthen the case for a move toward the mid-$63,000 region, while another rejection may keep attention on support near $57,800. Zhao\u2019s $1 million forecast, meanwhile, continues to rest on a much longer timeline driven by rising global Bitcoin ownership rather than short-term fund flows.<\/p>\n \n Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. <\/p>\n<\/p><\/div>\n <\/p>\n <\/p><\/div>\n\n
\n
Low ownership remains central to Zhao\u2019s bullish outlook<\/h2>\n
Institutional demand pauses as technical resistance holds<\/h2>\n
![\"U.S.](\"https:\/\/media.crypto.news\/2026\/07\/Screenshot-2026-07-02-002905.webp\")
![\"Bitcoin](\"https:\/\/media.crypto.news\/2026\/07\/BTCUSDT_2026-07-02_00-24-37.webp\")