10x Research: The current market lacks a structural basis for long positions, aside from short-term tactical rebounds.

Jinse Finance reported that 10x Research posted on X, stating, “Bitcoin does not lack buyers, but rather lacks entry permission. If we could only use one data metric to determine bullish or bearish positions, we would not choose market sentiment, global liquidity, stock-to-flow (S2F), or other popular but low-signal frameworks. We focus on the 30-day Bitcoin capital inflow metric — this indicator once again makes it clear: despite expectations of rate cuts and ongoing speculation that the Federal Reserve Chair in 2026 will take a dovish stance, the current market, aside from short-term tactical rebounds, does not have the structural foundation for sustained bullishness. This indicator has only shown three major peaks, and selling at each peak has significantly outperformed any narrative-based trading strategy. The lack of continuous capital inflows also explains why a true altcoin rotation has yet to occur: the top-level capital pool lacks sufficient incremental capital, making it impossible to create a trickle-down flow of funds. Only when this indicator bottoms out and recovers will the next sustainable bull market phase begin; until then, all rebounds are merely tactical moves, not trend reversals.”