10X Research: Bitcoin Falls Back into Liquidity Trap Zone, Market May Reverse

Odaily News At the Consensus Hong Kong conference, Markus Thielen, CEO of 10X Research, stated: "After the November 2024 election, Bitcoin surged from $70,000 to $90,000 in just 10 to 12 days. Trading activity during this process was very sparse, creating a huge gap, a liquidity vacuum zone. So when Bitcoin fell back to $87,000, it dropped into this liquidity trap. What followed was: at the $75,000 level, a large amount of negative option gamma appeared. This means market makers had to hedge, continuously selling futures. As the last wave of negative gamma impact is digested at $60,000, the market situation may reverse."