TechFlow News: On March 31, 10x Research posted on X stating that, against the backdrop of the current U.S.-Iran conflict, Bitcoin has not demonstrated its “inflation hedge” or “safe-haven asset” characteristics. Instead, it has declined in tandem with other risk assets, indicating a shift in its price-driving logic. Yet, under the current market conditions, investors widely misinterpret Bitcoin—viewing it as a safe-haven asset and over-relying on an obsolete liquidity model.
10x Research notes that the launch of Bitcoin ETFs has introduced a new cohort of investors to the crypto market—primarily from Wall Street—who focus more on macroeconomic variables than on on-chain applications or network growth metrics. However, not all “macro” indicators are applicable to Bitcoin. Meanwhile, some retail investors still cling to narratives centered on the “four-year cycle” or even extend it to a “five-year cycle,” leading them to maintain long positions during downturns and incur larger losses.
