10x Research: Recent sell-offs are driven by spot trading rather than leveraged trading, and market demand remains weak

According to the latest report from 10x Research, the recent sell-off has been primarily driven by spot selling rather than leveraged trading, indicating that demand remains weak even as the downward momentum slows. Trading volumes remain high, and the slowdown in stablecoin growth (especially the outflow of USDC) suggests that funds continue to flow from cryptocurrencies to fiat currencies.

Among them, Bitcoin faces further pressure from liquidations, large holder distributions, ETF fund outflows, and changes in macro policy expectations. Ethereum is weakening, as ETF fund outflows and a collapse in derivatives positions have offset positive news such as BlackRock's staking ETF application.