10xResearch: Most traders are still on the sidelines, early Bitcoin bulls are already up about 10%
Odaily Odaily报道 10x Research stated that although Bitcoin trading volume remains low and funding rates remain negative, some early traders have already positioned themselves ahead of time and achieved gains of about 10%. They believe many traders are still waiting for a macroeconomic catalyst or think the bear market is not over yet, but this misunderstands how the Bitcoin market operates, "The end of a bear market is often not triggered by a single piece of news, but forms when indicators improve, risk-reward changes, and the majority of participants have yet to enter the market."
10x Research said it turned bullish a month ago. Although market sentiment has improved, position follow-through remains insufficient. They also cautioned that risks still exist in the current market, making proper hedging and position management important.
Odaily星球日报讯 10x Research 发文表示，尽管比特币交易量仍较低、资金费率维持负值，但市场已有部分早期交易者提前布局并获得约 10%收益。其认为，许多交易员仍在等待宏观催化剂或认为熊市尚未结束，但这误解了比特币市场运行方式，“熊市结束往往不是由单一新闻触发，而是由指标改善、风险回报变化以及多数参与者仍未入场时形成”。
10x Research 表示，其在一个月前已转为看涨，目前市场情绪虽有所改善，但仓位跟进仍然不足。其同时提醒，当前市场仍存在风险，合理对冲与仓位管理依然重要。
