10X Research: Stablecoin indicators are lagging, and bitcoin holders should be cautious about the recent rally
2025-04-23 06:37:00
Bitcoin rallied 12% this week, and related exchange-traded fund (ETF) inflows surged. However, Markus Thielen, head of research at 10x Research, found that the stablecoin minting indicator has not yet returned to active levels, so he remains cautious about the sustainability of the current bitcoin rally. Stablecoin inflows tend to be closely correlated with more sticky funds, and the increase in futures leverage may simply mean that fast traders are taking advantage of the opportunity of a rapid rise. Based on the analysis, the $95,000 price level is a key resistance level for Bitcoin currently and a potential trigger for short-term stop-loss clearing.
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