Bitcoin’s $588B Trading Range Conceals Fragile Market Dynamics: 10x Research
Bitcoin has traded above the $100,000 mark for months, appearing steady on the surface. Yet, behind this range-bound calm lies intense on-chain activity that may expose hidden market risks, according to a recent report from 10x Research.
Since June, BTC has fluctuated between $100,000 and $126,000, with nearly 5.9 million coins — worth roughly $588 billion — changing hands in that zone. That turnover exceeds Ethereum’s (ETH) total market capitalization of about $428 billion, highlighting the scale of value in motion despite muted price action.
“Bitcoin looks stagnant, but under the surface, there’s significant redistribution,” said Markus Thielen, founder of 10x Research. “A growing share of these coins now sits with holders more exposed to institutional oversight or internal risk constraints — which could make them prone to forced selling if prices weaken.”
Fragile Hands, Tight Range
Thielen noted that about 347,000 BTC have transacted near $101,000, underscoring how concentrated recent activity has been around key psychological levels. He warned that if bitcoin breaks below $100,000, those less committed holders could accelerate a broader selloff.
Such a move could trigger what Thielen described as a liquidity “air pocket” around $93,000, a level that previously attracted strong buying interest. “It’s not just about support and resistance anymore — it’s about how deep the liquidity really is,” he said.
ETFs in the Crosshairs
The report also flagged potential vulnerability for spot Bitcoin ETFs, which collectively hold around $60.5 billion in assets with an average entry price near $90,000. If downward pressure mounts, those inflows could come under renewed scrutiny.
“The calm we’re seeing is deceptive,” Thielen added. “Volatility is simmering beneath the surface — all it needs is a catalyst.”
At last check, bitcoin was trading near $105,400, according to CoinDesk data.
