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"In this interview, Markus Thielen, CEO and Head of Research at 10x Research, breaks down why Bitcoin is struggling despite bullish headlines, what’s really happening with ETF flows and global liquidity, and why altcoins may continue to underperform.
We also cover recession risk, midterm elections, and who truly controls crypto markets today."
~ Coin Bureau
In this interview on Coin Bureau, Marcus Thielen, CEO of 10X Research, argues that the cryptocurrency market has entered a bear phase characterized by an imbalance between institutional selling and a lack of new retail capital. Thielen explains that while Wall Street institutions like BlackRock have become the primary drivers of the current cycle, their cautious, macro-dependent approach and the selling of covered calls have suppressed price growth compared to previous retail-driven bull runs. He expresses scepticism toward the common global liquidity narrative, noting that real capital inflows into Bitcoin have slowed significantly and that the upcoming 2026 U.S. midterm elections could historically trigger a major market correction. Regarding altcoins, he remains bearish due to a massive schedule of venture capital token unlocks and a lack of compelling new narratives or utility to excite retail investors. Ultimately, Thielen suggests that the market may trade sideways or lower until a new, high-volume use case emerges or a significant shift in monetary policy provides a stronger tailwind for risk assets.
0:00 - Intro
1:42 - How is Bitcoin looking right now?
3:40 - Which market structure data matters most?
6:45 - What will drive institutional Bitcoin demand next year?
12:16 - Will global liquidity lift Bitcoin?
20:45 - Is unemployment the real risk for the Fed?
27:13 - Which liquidity metrics should crypto investors watch?
32:41 - Could Bitcoin drop 60% in 2026?
36:38 - Are altcoins in worse shape than Bitcoin?
39:59 - What could actually spark an altcoin rally?
42:31 - Will altcoins keep underperforming Bitcoin?
44:03 - Is Solana overhyped or underpriced?
44:11 - If you could track one chart only, what would it be?
44:29 - Who influences crypto more today: CZ or BlackRock?
Source - Coin Bureau YouTube: https://www.youtube.com/watch?v=rQzHYTFlu5Y
Disclaimer: This video is provided for informational purposes only, and not offered or intended to be used as legal, tax, investment, financial, or any other advice.
