分析：Ethereum or Usher in a "Generational Buying Opportunity" and "Value Trap" Key Watershed

Odaily Odaily reports that 10x Research posted on X platform, stating that it has been bearish on Ethereum since October 2025, and believes ETH is one of the easiest assets to short in this bear market. At that time, ETH price was around $3,800. The rally in mid-2025 was primarily driven by Bitmine capital flows. As Bitmine's mNAV fell back to 1x and related arbitrage mechanisms failed, capital flows quickly dried up, and ETH price eventually returned to levels supported by fundamentals.

10x Research points out that three weeks ago, it once again issued a high-conviction bearish view, after which ETH price has fallen approximately 26%, with a cumulative decline of nearly 60% from its October 2025 high. ETH has now broken below the range where value historically begins to emerge, prompting the market to re-examine its investment thesis. However, the current market situation could also become one of the rare moments to buy ETH. With the sharp price correction, Ethereum may face a key watershed between a "generational buying opportunity" and a "value trap."