10X Research: Bitcoin Falls Back into Liquidity Trap Zone, Market May Reverse

Odaily星球日报2026/02/12 09:15

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According to Odaily, Markus Thielen, CEO of 10X Research, stated at the Consensus Hong Kong conference: "After the November 2024 election, bitcoin surged rapidly from $70,000 to $90,000 within just 10 to 12 days. Trading activity during this process was extremely sparse, creating a huge gap—a true liquidity vacuum. So when bitcoin fell back to $87,000, it dropped into this liquidity trap. What happened next was: at the $75,000 level, there was a large amount of negative options gamma. This meant that market makers had to hedge and could only keep selling futures. As the final wave of negative gamma was absorbed at $60,000, the market situation may reverse."

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