10x Research Founder: Bitcoin May Hit $90K by Year-End, Ethereum Likely to Underperform Bitcoin

Odaily: Markus Thielen, founder of 10x Research, said that the era of consecutive double-digit gains for Bitcoin has ended, with Wall Street traders and profit-taking whales reshaping the market. Institutional traders are selling call options after rallies, making Bitcoin's sharp price surges of earlier years less common. He estimates that of the $60 billion in net inflows into spot Bitcoin ETFs he analyzed, market makers may account for half; these firms hold ETF shares to hedge options trades and do not necessarily represent a bullish bet on Bitcoin. Thielen still expects Bitcoin to reach $90,000 by year-end, but it may first fall to the $77,000 to $79,000 range.