10x Research Founder: Bitcoin Could Reach $90,000 by Year-End, While Ethereum May Underperform Bitcoin

November 4: According to Cointelegraph, Markus Thielen, founder of 10x Research, said the era of consecutive double-digit Bitcoin surges has ended, with Wall Street traders and profit-taking whales reshaping the market. Institutional traders selling call options after rallies have made Bitcoin's violent price breakouts of earlier years less common.

Thielen estimates that market makers may account for half of the $60 billion in net inflows to spot Bitcoin ETFs that he analyzed; these firms hold ETF shares to hedge options trades, which does not necessarily represent a bullish view on Bitcoin. He still expects Bitcoin to reach $90,000 by year-end, but it may first drop to the $77,000–$79,000 range. He believes Ethereum will underperform Bitcoin because too much value has flowed to Layer 2 networks, leaving ETH holders without sufficient returns. He said he has been bearish on ETH for more than a year and hopes to see a stronger link between Ethereum network usage and holders' financial interests.