Bitcoin’s Decline Is Bear Market Evidence, Not A Dip: 10x Research
Bitcoin (CRYPTO: BTC) is not resting within a bull market, but is firmly in a bear market, according to 10x Research head Marcus Thielen.
What Happened: Speaking on a recent Coin Bureau podcast with co-founder and analyst Nic Puckrin, Thielen said the real question isn’t whether Bitcoin is bearish, but how long the downturn will last.
Despite charts showing rising global liquidity and expectations around central bank rate cuts, Thielen called the bullish narrative misleading.
Liquidity on paper does not equal capital flowing into Bitcoin.
Unlike equities, BTC does not rally optimism alone, it requires sustained, real demand.
He pointed out that crypto-native inflows have collapsed: stablecoin and ETF flows fell sharply from roughly $100 billion to $60 billion during the summer and to just $4 billion recently.
Without …
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