Bitcoin’s $588B Range Masks Market Vulnerabilities: 10x Research
CoinDesk
Despite trading in a range, $588 billion in Bitcoin has moved to less convicted holders, posing downside risk below $100,000.Summary
10x Research reports that while Bitcoin has been range-bound above $100,000 since June, nearly 5.9 million BTC, valued at $588 billion, have traded hands within the $100,000 to $126,000 range. Founder Markus Thielen warns that a significant portion of these coins now reside with institutional players or investors with low conviction, making them susceptible to panic selling if prices drop. A break below $100,000 could trigger these sales, leading to a rapid decline into a liquidity 'air pocket' near $93,000. Furthermore, if BTC falls further, the spot Bitcoin ETFs, which have an average acquisition cost near $90,000, could face scrutiny as their inflows come under pressure.
(Source：CoinDesk)