10x Recherche : Ethereum pourrait connaître une « étape générationnelle d’achat » et une « piège à valeur » comme point de basculement clé

Deep Tide TechFlow message, June 09, 10x Research published an article stating that it has been bearish on Ethereum since October 2025, and believes that ETH is one of the easiest assets to short in this round of bear market. At that time, ETH was priced at about $3,800, and the mid-2025 rally was mainly driven by Bitmine capital flows. As Bitmine's mNAV fell back to 1x and the related arbitrage mechanisms failed, capital flows rapidly dried up, and ETH's price ultimately returned to levels supported by fundamentals.

10x Research pointed out that three weeks ago, it again issued a high-confidence bearish view, after which ETH's price has fallen about 26%, with a total decline of nearly 60% from the October 2025 high. Currently, ETH has broken below the range where its value began to be apparent in history, prompting the market to reassess its investment logic. However, the current market situation may also become one of the few moments worth buying ETH, as the price undergoes a significant correction, and Ethereum may face a critical watershed between a “generation-level buying opportunity” and a “value trap”.