10x Research published an article stating that although Bitcoin trading volume remains low and funding rates remain negative, some early traders have already positioned themselves and reaped approximately 10% returns. They believe that many traders are still waiting for macroeconomic catalysts or believe the bear market is not over, but this misunderstands how the Bitcoin market works. "The end of a bear market is often not triggered by a single news item, but rather by improved indicators, changes in risk-reward ratios, and the fact that most participants have not yet entered the market." 10x Research stated that it turned bullish a month ago, and while market sentiment has improved somewhat, position sizing remains insufficient. They also cautioned that risks still exist in the current market, and proper hedging and position management remain crucial.