10x Research: It is still too early to buy ETH, as there is no evidence of a sustainable rebound in the market.

[10x Research: It's still too early to buy ETH, as there is no evidence of a sustainable rebound in the market] 10x Research published on the X platform that the market capitalization of crypto assets has evaporated by $1.3 trillion. While most investors are still focused on price charts, the real key trends are gradually emerging through changes in ETF holdings, failed crypto asset IPOs, and subtle shifts in the motivations of Wall Street institutions. The funds that once flooded into the “institutional adoption (of crypto)” sector are now facing an embarrassing exit situation. December is approaching - based on historical data, this month tends to be riskier, with losses, fluctuations in market sentiment, and tax operations converging and overlapping. Ethereum has now fallen to the $2700–2800 range we mentioned on October 31 and reiterated in our report on November 4, with a drop of about 25%. Although this range is starting to appear attractive in terms of valuation, it is still too early to get involved. We continue to see signs of ETF holders being forced to reduce their holdings—exactly as we expected earlier. More importantly, the market still shows no evidence of a sustainable rebound. Bitmine's Ethereum holdings have an unrealized loss of $4 billion—this position was established in just four months and peaked at $13 billion in October. More interestingly, after Bitmine accumulated $5.5 billion in Ethereum in mid-August, the market began to trade in the opposite direction, as Bitmine was the only real large buyer in the Ethereum market at that time.