10x Research: BTC may resume its upward trend after the market has absorbed higher bond yields

10x Research stated in a report: "We believe the market needs time to digest higher bond yields before Bitcoin can resume its upward trend, rather than being overly pessimistic." They emphasized that although the financing rates of Bitcoin and Ethereum have risen to 10%, spot prices are lagging behind, and retail participation remains sluggish. "We hope to see multiple indicators aligning to confirm bullish momentum, but this is not a major issue. The market may only need a few days to absorb these factors."

In addition, the total inflow of stablecoins has been the main driver of liquidity this year. 10x Research pointed out: "Since the launch of Bitcoin spot ETFs, stablecoin inflows have reached $36 billion and liquidity remains strong." They stressed that these inflows continue to exert upward pressure on Bitcoin prices. (Decrypt)