10x Research: The trading volume of the cryptocurrency market has reached 244 billion US dollars in the past 24 hours, marking a high point since March 6

10x Research stated in its latest report that many people attribute the selling of Bitcoin to the unwinding of yen carry trades, but the reality is much more complex. Since mid-March, Bitcoin has been fragile, despite a 15% rise in the Nasdaq index and a 10% depreciation of the yen during this period, Bitcoin still fluctuates within a range. Arbitrage trading relies on high interest rates in the United States continuing, which is unlikely to persist. The rules of the game have changed.

In the past 24 hours, crypto market trading volume reached $244 billion USD - it's highest level since March 6th. After reaching an all-time high, Bitcoin experienced significant intraday liquidation that day. Although we were very bullish in February and early March, we took a cautious stance after sharp declines because our backtesting indicated future markets are unpredictable. In hindsight, this was a correct decision. With new asset price driving factors emerging, financial markets are like puzzles that need regular reassembly - this is one such time. Unlike major drops eased by increased leverage in April and June; this time there may not be such reversal.