Analysis: BTC and ETH rebound exceeds expectations, but now is not the time to heavily invest in crypto stocks like Coinbase

Odaily News According to a post by 10x Research on platform X, the recent rally in Bitcoin and Ethereum has caught most market participants off guard. Additionally, crypto stock Circle has risen approximately 103% since February 20th, primarily driven by a short-covering rally fueled by large-scale hedge fund short positions identified earlier. On February 27th, 10x Research recommended setting up Bitcoin call spread options targeting $75,000/$80,000 (expiring March 27th), based on an assessment of improving market structure and increasing probability of a rebound. This strategy has currently yielded a return of 155%. Concurrently, institutions have begun shifting some positions towards high-beta crypto "proxy asset" stocks, including Strategy, Metaplanet, and Bitmine, although overall trading volume remains relatively low. However, 10x Research believes now is not yet the time for substantial investment in cryptocurrency service providers (such as Coinbase), preferring instead to gain direct investment exposure through Bitcoin spot, options, and perpetual contracts. The next phase of price action and the overall direction of the crypto market still require further observation.