10x Research: BTC may resume its upward momentum after the market digests higher bond yields

10x Research said in a report: "We think the market needs time to digest higher bond yields before Bitcoin can resume its upward trend, rather than being overly pessimistic." They emphasized that although the funding rate of Bitcoin and Ethereum has risen to 10%, the spot price has lagged behind and retail participation remains sluggish. "We want to see multiple indicators align to confirm the bullish momentum, but this is not a major problem. The market may only need a few days to absorb these factors." In addition, the total inflow of stablecoins has been the main driver of liquidity this year. 10x Research pointed out: "Since the launch of the Bitcoin spot ETF, stablecoin inflows have reached US$36 billion, and liquidity remains strong." And emphasized that these inflows continue to exert upward pressure on Bitcoin prices. (Decrypt)