10X Research: It is too early to buy ETH, and the market still lacks evidence of a sustainable rebound

10X Research wrote on the X platform that the cryptocurrency market value has evaporated by 1.30 trillion dollars, and while most investors are still focusing on the price chart, the real key trends are gradually emerging through ETF position changes, failed cryptocurrency IPOs (initial public offerings), and subtle shifts in the motivation of Wall Street institutions.
The money that once poured into the "institutional adoption [cryptocurrency]" space is now facing an awkward exit. December is fast approaching - a month that historically tends to be riskier, with losses, market psychology and tax manoeuvres converging.
Ethereum has now fallen to the $2,700-2,800 range we proposed on October 31 and re-emphasized in the November 4 report, a drop of about 25%. While this range is starting to look attractive in terms of valuation, it is still too early to step in. We continue to see signs of ETF holders being forced to reduce their positions - exactly as we had expected. More importantly, there is still no evidence of a sustainable rally in the market.
Bitmine lost $4 billion on its Ethereum position, which was established in just four months and peaked at $13 billion in October. More interestingly, when Bitmine accumulated $5.50 billion in Ethereum in mid-August, the market started trading in the opposite direction, as Bitmine was the only real big buyer in the Ethereum market at that time.