Markus Thielen, founder of 10x Research, says Bitcoin (BTC) could fall to $77,000-$79,000 before potentially reaching $90,000 by year-end, arguing institutional options trading has made sharp rallies less common.
Thielen links the shift to Wall Street trading and profit-taking by large BTC holders. He says institutional traders sell call options after prices rise, reducing the abrupt surges seen in earlier cycles.
Thielen estimates market makers may account for about half of the $60 billion in net inflows to spot Bitcoin exchange-traded funds he analyzed. He said the firms hold ETF shares to hedge options trading, so those holdings do not necessarily indicate a bullish view of Bitcoin.
He also expects Ether (ETH) to underperform Bitcoin. Thielen argues that Layer 2 networks capture too much value while ETH holders receive too little in return. He said he has been bearish on ETH for more than a year and wants Ethereum network use to connect more directly to the financial interests of its holders.
Enna Lee
Enna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to [email protected].
