TechFlow News, March 17: On X, 10x Research stated that the current Bitcoin and Ethereum rally has caught most market participants off guard. Meanwhile, Circle’s stock—a crypto-related equity—has surged approximately 103% since February 20, primarily driven by short-covering fueled by large short positions previously identified among hedge funds. On February 27, 10x Research recommended establishing a Bitcoin call spread option position targeting $75,000/$80,000 (expiring March 27), based on structural market analysis indicating rising odds of a rebound; this strategy has since delivered a 155% return. Concurrently, institutions have begun shifting part of their allocations toward highly leveraged crypto “proxy asset” stocks—including Strategy, Metaplanet, and Bitmine. However, given that overall trading volumes remain relatively low, 10x Research believes it is still premature to allocate substantial capital to crypto service providers (e.g., Coinbase). Instead, it favors gaining direct exposure via Bitcoin spot, options, and perpetual futures. That said, the next phase of price action and the broader direction of the crypto market remain subject to further observation.
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