10X Research clears positions in technology stocks and cryptocurrencies: Will enter the market again at lower levels

This site (120btC.coM): According to CoinDesk, market analysis agency 10X Research has sold off all technology stocks and most cryptocurrencies on the 15th, and is quite bearish on the market outlook. His What's the reason?

10X Research: Clear stocks, crypto assets

Founder Markus Thielen pointed out that risk assets (stocks and cryptocurrencies) are on the verge of a sharp price correction, and the main factor is unexpected Persistent inflation.

And with the bond market predicting less than three interest rate cuts and the 10-year U.S. Treasury yield exceeding 4.50%, risky assets may have reached a critical inflection point.

He said: We sold all technology stocks after the opening on the evening of the 15th because the Nasdaq index performed very poorly and responded to the rise in bond yields. We currently only hold a small number of bullish cryptocurrencies and remain bearish on risk assets (equities, cryptocurrencies) in general, hoping to reenter the market at lower price levels in the future.

Reason for being bearish on the Q2 crypto market

Regarding cryptocurrency (Bitcoin), Markus Thielen put forward several other bearish views:

• Bit Coin spot ETF flows are sluggish, with most net inflows occurring in Q1.

• MicroStrategy (MSTR) has pulled back 30% and is still well above fair value.

• Six rate cuts were expected at the beginning of the year, but now there are only three left, and there may not be any rate cuts throughout the year.

• The gains in Bitcoin in 2023 and 2024 are all driven by expectations of interest rate cuts, and the upward momentum faces serious challenges.

Markus Thielen pointed out: After the hype boom, ETF inflows tend to dry up unless prices continue to rise, but Bitcoin prices have begun to stagnate since early March, with 2% to With a 17% drop, potential investors may take a wait-and-see attitude.

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