10x Research: Downside Risks Remain for Nasdaq, Bitcoin Could Fall Further

10x Research released a report stating that the Bitcoin Spot ETF has failed to capitalise on the recent decline and instead has seen continued outflows without significant inflows from the stablecoin. The lack of buyers in this decline is concerning and makes the direction of the market uncertain. Yesterday, it noted Bitcoin's attempt to rally, but highlighted strong resistance in the $56,000 to $57,000 range, which hampered the rally triggered by the Bank of Japan's statement. However, the BOJ didn't hit the rewind button, just the "pause" button, as they could raise rates again. The key message is that even if the market moves beyond the hype of the Japanese carry trade news, the downside risk remains in the Nasdaq and Bitcoin could fall further.