Bitcoin News: Bitcoin's Next Price Move Likely Driven by On-Chain Fund Flows and Position Shifts Not Macro, According to 10x Research

Key Takeaways10x Research flags unusual changes in funding rates, capital flows, and key risk indicators across on-chain and derivatives markets over the past weekThe firm argues current Bitcoin price action is more driven by position structure and market positioning than fundamentals or macro factorsPosition changes in both Bitcoin and Ethereum may drive key options activity into month-end10x Research sees a critical price battleground range forming before the end of MarchBitcoin's recent slow, steady price grind higher is masking more significant structural shifts beneath the surface, according to an analysis posted by 10x Research on X.The firm points to unusual activity across funding rates, capital flows, and several key risk indicators over the past week, arguing that the current market trend is being shaped primarily by position structure and market positioning rather than macro developments or technical signals.Structure Over Fundamentals10x Research notes that while markets can be driven at various times by fundamentals, technicals, or macro factors, systematically tracking market structure and position changes frequently reveals the "path of least resistance" for prices -- the direction in which the market is most likely to move given existing positioning.In the current environment, the firm suggests that framework is more useful than conventional macro or chart-based analysis for anticipating Bitcoin's next directional move.Options and Month-End Positioning in FocusLooking ahead, 10x Research identifies position changes in both Bitcoin and Ethereum as potential catalysts for key options activity. The firm sees a crucial price battleground range forming before the end of March, suggesting that options expiry dynamics and derivatives positioning could play a significant role in determining near-term price direction for both assets.The analysis adds to a growing body of market commentary pointing to derivatives and on-chain flows -- rather than spot demand or macro catalysts -- as the dominant force shaping crypto price action in the current phase.