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

Odaily According to a post by 10x Research on the X platform, the recent rally in Bitcoin and Ethereum has caught most market participants off guard. Furthermore, crypto stock Circle has risen approximately 103% since February 20th, primarily driven by a short-covering rally fueled by previously identified large-scale hedge fund short positions. On February 27th, 10x Research recommended deploying a Bitcoin call spread option strategy 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 155% return. 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 the time for heavy investment in cryptocurrency service providers (such as Coinbase), and instead favors gaining direct investment exposure through Bitcoin spot, options, and perpetual contracts. Nevertheless, the next phase of price action and the overall direction of the crypto market still require further observation.