{"id":603478,"date":"2024-04-16T13:00:06","date_gmt":"2024-04-16T13:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=603478"},"modified":"2024-04-16T13:00:32","modified_gmt":"2024-04-16T13:00:32","slug":"we-sold-everything-last-night-reveals-crypto-research-firm","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/we-sold-everything-last-night-reveals-crypto-research-firm\/","title":{"rendered":"‘We Sold Everything Last Night’, Reveals Crypto Research Firm"},"content":{"rendered":"

Markus Thielen of 10x Research unveiled a significant shift in his crypto strategy in response to mounting financial pressures and market instability, as detailed in an investor note<\/a> released earlier today. Thielen, an influential figure in the analysis sector, cited a concerning outlook on risk assets, which encompasses both technology stocks and cryptocurrencies, primarily driven by unanticipated and ongoing inflation rates.<\/p>\n

According to projections<\/a> from Bank of America, US CPI headline inflation is expected to reach 4.8% by the November 2024 election. Over the past three months, month-over-month CPI inflation has averaged 0.4%. An acceleration at this speed would mean the rate is more than twice the Federal Reserve’s inflation target of 2% by November.<\/p>\n

Why 10x Research Sold (Almost) All Crypto And Risk Assets<\/h2>\n

In light of this, 10x Research\u2019s decision to divest from risky assets was catalyzed by an adverse shift in economic indicators.<\/a> Notably, the US bond market is currently projecting fewer than three Federal Reserve rate cuts this year, a significant adjustment from earlier more optimistic forecasts. According to the CME FedWatch tool, the majority of market participants now think that a rate cut by the Fed will not come before the mid-September FOMC meeting.<\/p>\n

\"CME
CME FedWatch tool probabilities | Source: CME<\/a><\/figcaption><\/figure>\n

Additionally, the 10-year Treasury Yields<\/a> have reached a peak of 4.61% this month, marking the highest rate since November 2023, further complicating the investment landscape for risk assets including technology stocks and cryptocurrencies.<\/p>\n

Related Reading: Bitcoin, Altcoins Price Decline As Crypto Liquidations Near $900 Million In The Past Day<\/a><\/div>\n

“Our growing concern is that risk assets are teetering on the edge of a significant price correction,” Thielen stated in the note. “We sold all our tech stocks last night as the Nasdaq is trading very poorly and reacting to the higher bond yield. We only hold a few high-conviction crypto coins. Overall, we are bearish on risk assets.”<\/p>\n

The bearish stance is further supported by the disappointing performance of US-listed spot Bitcoin ETFs. Despite the SEC\u2019s approval of nearly a dozen such ETFs in January, which initially spurred a surge in Bitcoin prices, the influx of capital has markedly slowed. This month, the five-day average net inflows into these ETFs plummeted to zero, a stark contrast to the nearly $12 billion that flowed into these investment vehicles earlier in the year.<\/p>\n

Thielen’s comments also touched on the broader implications of the upcoming Bitcoin network’s quadrennial halving<\/a>, scheduled for April 20. This event will reduce the reward for mining a block of Bitcoin by 50%, from 6.25 BTC to 3.125 BTC. While such halvings have historically spurred bullish sentiment and price increases due to a perceived scarcity of Bitcoin, Thielen suggests that the current market conditions might dampen any potential rallies.<\/p>\n

\u201cIt is essential to understand that trading is a continuous game with high-conviction opportunities. The key is to keep analyzing the markets and uncovering those opportunities when the odds are in your favor. There are times when we advocate for a total risk-on approach and when the priority is safeguarding your capital, enabling you to seize opportunities at lower levels,\u201d Thielen stated.<\/p>\n

Related Reading: Nervos Network CKB Token: The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos<\/a><\/div>\n

In a notable exchange with Matthew Graham of Ryze Labs, Thielen defended his firm\u2019s trading strategy amid criticism for what was described as erratic decision-making. Graham pointed to recent fluctuations in 10x Research\u2019s stance on Bitcoin, citing a research note from early April that predicted a potential rally to $80,000, followed by a more cautious view and the recent sell-off.<\/p>\n

Thielen responded<\/a>, “Actually, no. We have been cautious since March 8, and when the triangle breakout failed, we worked with the $68,300 stop loss. This is simply risk-reward trading.” This defense highlights the volatile nature of crypto trading and the necessity for agile strategies in response to rapidly changing market conditions.<\/p>\n

Thielen concluded, promising a strong re-entry into the market under more favorable conditions: “Will buy back with both hands at 52,000 – promise.”<\/p>\n

At press time, BTC traded at $63,045.<\/p>\n

\"Bitcoin
BTC price, 4-hour chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Markus Thielen of 10x Research unveiled a significant shift in his crypto strategy in response to mounting financial pressures and market instability, as detailed in an investor note released earlier today. Thielen, an influential figure in the analysis sector, cited a concerning outlook on risk assets, which encompasses both technology stocks and cryptocurrencies, primarily driven by unanticipated and ongoing inflation rates. According to projections from Bank of America, US CPI headline inflation is expected to reach 4.8% by the November 2024 election. Over the past three months, month-over-month CPI inflation has averaged 0.4%. An acceleration at this speed would mean the rate is more than twice the Federal Reserve’s inflation target of 2% by November. Why 10x Research Sold (Almost) All Crypto And Risk Assets In light of this, 10x Research\u2019s decision to divest from risky assets was catalyzed by an adverse shift in economic indicators. Notably, the US bond market is currently projecting fewer than three Federal Reserve rate cuts this year, a significant adjustment from earlier more optimistic forecasts. According to the CME FedWatch tool, the majority of market participants now think that a rate cut by the Fed will not come before the mid-September FOMC meeting. Additionally, the 10-year Treasury Yields have reached a peak of 4.61% this month, marking the highest rate since November 2023, further complicating the investment landscape for risk assets including technology stocks and cryptocurrencies. Related Reading: Bitcoin, Altcoins Price Decline As Crypto Liquidations Near $900 Million In The Past Day “Our growing concern is that risk assets are teetering on the edge of a significant price correction,” Thielen stated in the note. “We sold all our tech stocks last night as the Nasdaq is trading very poorly and reacting to the higher bond yield. We only hold a few high-conviction crypto coins. Overall, we are bearish on risk assets.” The bearish stance is further supported by the disappointing performance of US-listed spot Bitcoin ETFs. Despite the SEC\u2019s approval of nearly a dozen such ETFs in January, which initially spurred a surge in Bitcoin prices, the influx of capital has markedly slowed. This month, the five-day average net inflows into these ETFs plummeted to zero, a stark contrast to the nearly $12 billion that flowed into these investment vehicles earlier in the year. Thielen’s comments also touched on the broader implications of the upcoming Bitcoin network’s quadrennial halving, scheduled for April 20. This event will reduce the reward for mining a block of Bitcoin by 50%, from 6.25 BTC to 3.125 BTC. While such halvings have historically spurred bullish sentiment and price increases due to a perceived scarcity of Bitcoin, Thielen suggests that the current market conditions might dampen any potential rallies. \u201cIt is essential to understand that trading is a continuous game with high-conviction opportunities. The key is to keep analyzing the markets and uncovering those opportunities when the odds are in your favor. There are times when we advocate for a total risk-on approach and when the priority is safeguarding your capital, enabling you to seize opportunities at lower levels,\u201d Thielen stated. Related Reading: Nervos Network CKB Token: The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos In a notable exchange with Matthew Graham of Ryze Labs, Thielen defended his firm\u2019s trading strategy amid criticism for what was described as erratic decision-making. Graham pointed to recent fluctuations in 10x Research\u2019s stance on Bitcoin, citing a research note from early April that predicted a potential rally to $80,000, followed by a more cautious view and the recent sell-off. Thielen responded, “Actually, no. We have been cautious since March 8, and when the triangle breakout failed, we worked with the $68,300 stop loss. This is simply risk-reward trading.” This defense highlights the volatile nature of crypto trading and the necessity for agile strategies in response to rapidly changing market conditions. Thielen concluded, promising a strong re-entry into the market under more favorable conditions: “Will buy back with both hands at 52,000 – promise.” At press time, BTC traded at $63,045. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":603484,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[92088,142,428,679,1122,6664,14690,1558],"class_list":["post-603478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10x-research","tag-altcoins","tag-bitcoin","tag-bitcoin-price","tag-btc-price","tag-crypto","tag-crypto-news","tag-cryptocurrency"],"acf":[],"yoast_head":"\n'We Sold Everything Last Night', Reveals Crypto Research Firm<\/title>\n<meta name=\"description\" content=\"Markus Thielen of 10x Research unveiled a significant shift in his crypto strategy in response to mounting financial pressures.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"‘We Sold Everything Last Night’, Reveals Crypto Research Firm","url":"http:\/\/wncen.com\/news\/we-sold-everything-last-night-reveals-crypto-research-firm\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/we-sold-everything-last-night-reveals-crypto-research-firm\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/shutterstock_326734052.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/shutterstock_326734052.jpg?fit=5141%2C3419"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["10x research","altcoins","bitcoin","bitcoin price","btc price","crypto","crypto news","cryptocurrency"],"dateCreated":"2024-04-16T13:00:06Z","datePublished":"2024-04-16T13:00:06Z","dateModified":"2024-04-16T13:00:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"‘We Sold Everything Last Night’, Reveals Crypto Research Firm\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/we-sold-everything-last-night-reveals-crypto-research-firm\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/we-sold-everything-last-night-reveals-crypto-research-firm\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/shutterstock_326734052.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/shutterstock_326734052.jpg?fit=5141%2C3419\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"10x research\",\"altcoins\",\"bitcoin\",\"bitcoin price\",\"btc price\",\"crypto\",\"crypto news\",\"cryptocurrency\"],\"dateCreated\":\"2024-04-16T13:00:06Z\",\"datePublished\":\"2024-04-16T13:00:06Z\",\"dateModified\":\"2024-04-16T13:00:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/shutterstock_326734052.jpg?fit=5141%2C3419","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/603478"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=603478"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/603478\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/603484"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=603478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=603478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=603478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}