Markus Thielen, founder of 10x Research, said Bitcoin’s era of repeated double-digit gains has likely passed as Wall Street traders and profit-taking whales reshape market behavior. He said institutional traders now tend to sell call options after rallies, a pattern that has made the explosive upside moves seen in Bitcoin’s earlier years less common. Thielen also estimated that market makers may account for about half of the $60 billion in net inflows he analyzed for spot Bitcoin ETFs. According to him, those firms may be holding ETF shares mainly to hedge options trades rather than to express a bullish directional view on Bitcoin. Even so, Thielen said he still expects Bitcoin to reach $90,000 by the end of the year. Before that, he sees a possible pullback into the $77,000 to $79,000 range. The input headline also states that Ethereum may underperform Bitcoin.
According to Odaily, 10x Research founder Markus Thielen said the period of repeated double-digit gains in Bitcoin has come to an end, with Wall Street traders and profit-taking whales reshaping the market.
He said institutional traders have been selling call options after rallies, making the sharp price surges that were more common in Bitcoin’s earlier years less frequent.
Thielen estimated that market makers may account for about half of the $60 billion in net inflows he analyzed for spot Bitcoin ETFs. He said those firms may be holding ETF shares to hedge options trades, which does not necessarily reflect a bullish view on Bitcoin.
Even so, Thielen said he still expects Bitcoin to reach $90,000 by year-end, though it may first fall into the $77,000 to $79,000 range. The input headline also says Ethereum may underperform Bitcoin.
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