10x Research founder Markus Thielen says Wall Street options trading and profit-taking by large holders have made Bitcoin’s sharp, repeated price surges less common. He estimates that market makers account for up to half of the $60 billion in net spot Bitcoin ETF inflows he analyzed; their ETF holdings hedge options trades and do not necessarily signal a bet on a price rise.
Thielen forecasts Bitcoin could reach $90,000 by year-end, though he says it could first fall into the mid-to-high $70,000s. He expects another Federal Reserve rate increase by December and says a more cautious approach after that could help Bitcoin rally. He also expects Bitcoin to outperform Ether, arguing that Ethereum needs a stronger link between network use and financial returns to ETH holders.
