Analysis: BTC and ETH rebounded more than expected, but now is not a good time to heavily invest in crypto stocks like Coinbase.

10x Research published an article on the X platform stating that the recent surge in Bitcoin and Ethereum caught most market participants off guard. Furthermore, crypto stock Circle has risen approximately 103% since February 20th, primarily driven by a rebound fueled by previously identified large short positions held by hedge funds. On February 27th, 10x Research recommended placing Bitcoin call spread options at $75,000/$80,000 (expiring March 27th), based on an assessment of increased market structure and the probability of a rebound. This strategy has now yielded a return of 155%. Meanwhile, institutions have begun shifting some of their positions to highly volatile crypto "proxy asset" stocks, including Strategy, Metaplanet, and Bitmine, although overall trading volume remains relatively low. However, 10x Research believes now is not the time to heavily invest in cryptocurrency service providers (such as Coinbase), and instead prefers direct investment exposure through Bitcoin spot trading, options, and perpetual contracts. The next phase of market movement and the overall direction of the crypto market remain to be seen.