Svmuureports that 10x Research noted in a post that although Bitcoin trading volume remains low and funding rates stay negative, some early traders have already positioned themselves and secured approximately 10% in gains. They argue that many traders are still waiting for a macro catalyst or believe the bear market has not ended, but this misinterprets how the Bitcoin market operates. "The end of a bear market is often not triggered by a single news event, but forms when indicators improve, risk-reward profiles shift, and the majority of participants have yet to enter."
10x Research stated that they turned bullish a month ago. While market sentiment has improved somewhat, follow-through in positioning remains insufficient. They also cautioned that risks still exist in the current market, making reasonable hedging and position management remain important.