10x Research: The bull market is expected to continue, and no major macro events that could impact market liquidity are anticipated

ChainCatcher news, 10x Research (founded and analyzed by Markus Thielen) posted on social media that it expects the Bitcoin bull market to continue, with no significant macro events (such as interest rate hikes or stock market adjustments) affecting market liquidity. The sharp decline last night may lead to price consolidation in the next 1-2 weeks.

10x Research stated that this incident was foreseeable. In cryptocurrency, the highest returns occur at the end of mid-cycle tops or cycle ends, but volatility is also extremely high at this time. Last night, an unknown wallet address created in 2010 sold a large amount of Bitcoin near the historical high. However, this may not be the only secret seller.

It is reported that some attribute the drop in Bitcoin prices in January to FTX creditors selling $1 billion of Grayscale's GBTC. In mid-February, the bankruptcy judge approved Genesis's request to sell nearly $2 billion of GBTC (and other crypto assets). Due to a significant increase in GBTC sell-offs over the past five trading days, this capital flow may have already begun to impact the market. If this is the case, it may take several days, and the market could face a deeper adjustment.