10X Research: Counterfeit products season absent due to lack of new narrative and pressure to unlock a large number of tokens

On June 3rd, 10x Research published an article saying that although Bitcoin continues to hit record highs and attract a large number of institutional funds, counterfeit products are still in place, subject to the continuous unlocking of tokens and the lack of new narratives. The old playbook that was once driven by hype and leverage is no longer effective in the context of 4.5% US Treasury yields. Even Ethereum has quietly entered the stage of "pledging for moderate returns". It doesn't take much money to drive the surge of counterfeit products. A few large orders can easily leverage the illiquid market. But the question is how to maintain the rally. This requires wider retail participation, and this is the real difficulty. Over the past year, crypto tweets have repeatedly appeared that counterfeit products are about to enter the outbreak season, and the so-called "banana zone" has been continuously hyped. But so far, this narrative has not been fulfilled. Despite the repeated excitement of market sentiment, we have not yet seen the emergence of key elements to support such a market.