10x Research: Aside from short-term tactical rebounds, the current market does not have a structural basis for going long.

[10x Research: Aside from Short-term Tactical Rebounds, the Current Market Lacks a Structural Basis for Going Long] 10x Research posted on X, stating, “It’s not that Bitcoin lacks buyers, but rather that it lacks entry permission. If we could only choose one data metric to determine a bullish or bearish stance, we would not choose market sentiment, global liquidity, stock-to-flow (S2F), or other popular but lower-signal frameworks.

We focus on the 30-day Bitcoin inflow indicator—which once again makes it clear: Despite expectations of rate cuts and continued speculation that the Fed chair will adopt a dovish stance in 2026, the current market, apart from short-term tactical rebounds, does not have a structural basis for a sustained long position.

This indicator has only shown three major peaks, and selling at each peak has significantly outperformed any narrative-based trading strategy.

The lack of sustained capital inflows also explains why we have not yet seen a true altcoin rotation: the top-level capital pool lacks sufficient incremental capital, making it impossible to generate a downward flow of funds. Only when this indicator bottoms out and starts to recover will the next sustainable bull market phase begin; until then, all rebounds are merely tactical moves, not trend reversals.”