Why Markus Thielen Says Bitcoin's Pain Isn't Over Yet | Markets Outlook

On today's Markets Outlook, 10x Research Founder and CEO Markus Thielen tells CoinDesk's Jennifer Sanasie why he sees Bitcoin dropping even more before recovery, with $7B in ETF outflows since mid-May and MicroStrategy stepping back as the last real buyer. Plus, why he stays bearish on Ethereum, why he's calling Hyperliquid overvalued, and why nothing turns around until the Fed goes dovish.

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Timecodes:

00:00 Bitcoin Could Dip to $46K Before Year-End Rally

01:20 Bitcoin Falls Below $60K: What's Driving the Selloff?

02:37 $4.5B in ETF Outflows, Saylor's Bitcoin Sale, and Missing Catalysts

03:14 Why the Genius Act and CLARITY Weren't Real Catalysts

05:00 When Does the Fed Turn Dovish? The Macro Case for a Rally

05:19 Kevin Warsh Nomination Was the Turning Point for Bitcoin

07:27 Why Bitcoin Could Break Below $50K to $46–47K

09:41 The 2022 Parallel: Grayscale's SEC Win as the Sentiment Shift

11:06 Brand New Rails: Securitize Lists on NYSE

12:40 Where Does Bitcoin End the Year?

13:51 Why Markus Is Still Bearish on Ethereum

15:20 Stablecoin Activity Isn't Accruing to ETH Holders

16:40 The Bull Case for ETH Has Broken Down

17:28 Hyperliquid Overvalued at $72?

18:33 Why HYPE Is Unlikely to Reach $100

19:46 What to Do Now: Covered Calls, Shorts, and Watching for the Low

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JPEG Trading is a global proprietary trading firm specializing in cryptocurrency and decentralized finance markets. From market structure and liquidity provision to quantitative trading strategies, JPEG Trading operates across the full spectrum of blockchain-based assets. Follow @jpegtrading on X to stay ahead of the latest developments in digital asset markets: https://x.com/jpegtrading

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This episode was hosted by Jennifer Sanasie.