Emre Yumlu 
The cryptocurrency market continues to exhibit a volatile outlook under the influence of global economic developments and geopolitical risks. Tensions in the Middle East, uncertainty in energy markets, and developments in U.S. politics are among the factors limiting investors’ risk appetite. In this environment, the latest analysis published by crypto research firm 10x Research reveals a combination of both positive and cautious signals in the market. Are Bitcoin and Ethereum in a risky zone?
According to the company’s assessment, although some positive indicators exist in the crypto market, the overall picture does not yet show a strong bullish trend forming.
Market Indicators Sending Mixed Signals
The 10x Research report emphasizes that momentum in the crypto market has a fragile structure. While the resumption of inflows into Bitcoin ETFs is evaluated as a positive development, it is noted that trading volumes do not yet indicate a strong recovery.
The analysis states that spot market trading volume remains at low levels. The weekly average trading volume hovering around $109 billion stands out as an important data point showing that the market has not yet entered a strong expansion phase.
According to experts, without new liquidity inflows, it will be difficult to see a sustainable and strong upward movement in the market.
Derivatives Markets Pricing in Downside Risk for Bitcoin and Ethereum
The report particularly draws attention to the derivatives markets. In these markets, where institutional investors are heavily active, it is indicated that investors are behaving cautiously when it comes to taking risky positions.
According to 10x Research, traders are showing reluctance especially in opening long positions. Instead, strategies that provide protection against downside risk are being preferred more frequently.
The uncertainty created by geopolitical developments is causing many investors to act more cautiously in the market. This situation is seen as one of the factors preventing the formation of a clear bullish trend so far.
Activity on the Ethereum Network Has Weakened
The analysis also shared an important data point regarding the Ethereum network. One of the indicators pointing to weakening transaction activity on Ethereum is the gas fees.
Transaction fees, currently at 0.03 gwei, fall within the lowest 4% percentile when historical data is examined. This situation shows that the number of transactions and user activity on the network are quite low.
According to experts, low gas fees indicate weak demand on the network and that the market is generally in a wait-and-see mode. Therefore, it is evaluated that new macro developments and liquidity flows will be decisive for the direction to become clear in the markets in the short term.
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