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As selling pressure deepens in the cryptocurrency market, 10X Research stated that hedging transactions in the options market are behind the decline in Bitcoin.
According to the company’s assessment, transactions carried out by institutional investors, particularly those aimed at protecting their portfolios, created downward pressure on the price.
According to the research firm, Bitcoin may see a limited recovery or sideways movement in the short term. However, this movement may not indicate a permanent trend reversal. Markus Thielen, Head of Research at 10X Research, predicts that Bitcoin could bottom out again during the summer months, potentially falling to $50,000 or even the $40,000-$50,000 range. Thielen stated that a “counter-trend rally” is possible in the short term, but a new low is likely to be tested during the summer.
The sell-off in Bitcoin is mirroring the decline in US technology stocks. Bitcoin, which has a high correlation with risky assets, is losing value, particularly in light of weakness in Nasdaq and technology-focused stocks. On the other hand, sharp fluctuations in traditional assets like gold and silver are also increasing uncertainty in global markets, putting pressure on the crypto market.
Forced liquidations are also among the significant factors accelerating the decline. According to Coinglass data, over $2 billion in long and short positions were liquidated in the crypto market on Thursday. On Friday, this figure was around $800 million. The unwinding of leveraged trades further increased selling pressure.
Weakening is also noticeable on the institutional side. According to CryptoQuant data, US-based spot Bitcoin ETFs, which made net purchases of approximately 46,000 BTC in the same period last year, have become net sellers in 2026. Thielen stated, “Institutional investors are really starting to unwind their crypto positions.”
Bitcoin is currently trading more than 40% below its all-time high. Losses are even deeper in other major crypto assets. Ethereum and XRP have lost more than 60% of their record highs, while Solana’s decline has exceeded 70%.
Market analysts note that Bitcoin’s drop below $70,000 raises additional downside risks from a technical perspective. 10X Research warns that after a possible short-term recovery, even lower levels could be seen during the summer months.
*This is not investment advice.