Matrixport and 10X Research founder Markus Thielen do not have a positive outlook on the price trends of ETH and BTC in the short term.
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Matrixport: Suggests Shorting ETH to Hedge BTC
10X Research: Bitcoin ETF Flow is Key
Bitcoin Could Fall to $59,000
Matrixport: Suggests Shorting ETH to Hedge BTC
Matrixport tweeted that the continuous decline in Ethereum gas fees indicates that ETH is losing its upward momentum, which is consistent with previous analysis. Additionally, the approval of an Ethereum spot ETF is still controversial, and with the absence of a major catalyst after the Dencun upgrade, we recommend shorting ETH to hedge any Bitcoin long positions.
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Matrixport’s position is in stark contrast to the analysis released by Standard Chartered earlier.
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Standard Chartered: Ethereum spot ETF could still be approved in May, with ETH potentially reaching $8,000 by the end of the year.
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10X Research: Bitcoin ETF Flow is Key
Markus Thielen, analyst at Matrixport and founder of 10X Research, still has a positive outlook on the future of BTC in his latest report, but emphasizes that ETF flow and price support will be crucial.
Farside Investors
Data shows the net inflows of Bitcoin for the past five days were:
3/11: $505 million
3/12: $1.045 billion
3/13: $683 million
3/14: $132 million
3/15: $198 million
The net inflows of the last two days are considered by many analysts as one of the reasons for the weekend Bitcoin price decline.
Bitcoin Could Fall to $59,000
CoinDesk
Quoting Markus Thielen’s report, it is believed that although Bitcoin is at $67,000, the real test will be during the opening hours of the US stock market on Monday and Tuesday. If ETF inflows are not as expected, Bitcoin could continue to decline.
He stated:
Although this is an unpleasant statement, after experiencing significant price volatility, it is expected that the influx of funds will slow down. Based on our reversal indicator, there is a greater possibility of a pullback to $59,035, indicating a further 10% decline in BTC price.
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10X Research: Bitcoin to continue rising after falling to 63K, altcoins and meme coins have likely peaked in the short term.
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Further Reading
10X Research: Bitcoin to continue rising after falling to 63K, altcoins and meme coins have likely peaked in the short term.
Bitcoin reaches 65K! 10X Research: Bitcoin to break historical highs this week.