Bitcoin's 10% Drop Predicted Amid US ETF Outflows

Bitcoin's recent decline is expected to continue, according to Standard Chartered Bank's cryptocurrency research director, Geoff Kendrick. He predicts a further 10% drop in the price of the world's largest cryptocurrency.

Kendrick believes that the decline in US Treasury yields may boost Bitcoin's price in the long term. As economic growth slows and inflation expectations rise, US Treasury yields have hit a low of 4.32%, the lowest level since mid-December. Falling yields may prompt investors to withdraw capital and seek assets with better price performance, such as Bitcoin. However, Kendrick warns that now is not the best time to buy Bitcoin due to potential outflows from a US Bitcoin spot ETF.

BlockBeats previously reported that the US Bitcoin spot ETF saw a net outflow of $9.35 billion on Monday, marking the highest outflow since its launch. In February, the US Bitcoin spot ETF has seen a total outflow of $24.15 billion, setting a monthly record for net outflows.

If economic skepticism forces investors to sell their Bitcoin ETF, then Bitcoin's price will certainly fall. This selling pressure from spot ETFs is expected to continue to impact Bitcoin's price in the near future.