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.

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.

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 central to Zhao’s bullish outlook

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.

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’s value over time as ownership becomes more widespread.

Zhao’s 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.

Institutional demand pauses as technical resistance holds

While Zhao focused on Bitcoin’s 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’s IBIT accounted for the largest withdrawal, posting $212.45 million in net outflows during the session.

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.

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.

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.

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.

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.

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 toward the mid-$63,000 region, while another rejection may keep attention on support near $57,800. Zhao’s $1 million forecast, meanwhile, continues to rest on a much longer timeline driven by rising global Bitcoin ownership rather than short-term fund flows.