10x Research: On-chain capital flow and position changes may drive Bitcoin to brew the next round of price fluctuations

10x Research published an analysis on platform X, pointing out that the price of Bitcoin has been steadily rising recently, and there are unusual changes in the flow of funds in both the on-chain and derivatives markets. Over the past week, funding rates, capital flows, and several key risk indicators have shown significant adjustments, indicating that the current market trend is more driven by position structure and market positioning.

10x Research's analysis suggests that the market is sometimes dominated by fundamentals, technicals, or macro factors, but systematic tracking of market structure and position changes often reveals the "path of least resistance" for prices. Currently, the changes in positions for Ethereum and Bitcoin may drive key options trading for the next market cycle, potentially forming a critical price game range that will gradually take shape by the end of March.