BTC likely to see short-term rebound early this week, says 10X Research

The recent sell-off in Bitcoin was driven by the spot market, not futures, according to an analysis by 10X Research. The firm noted that the market has been blaming the wrong party for the past month, with the decline being led by spot investors rather than aggressive short betting. As evidence, 10X Research pointed out that BTC funding rates rose by 0.9 percentage points last week to an annualized 5.7%, while futures open interest fell by $3.5 billion to $21 billion. The analysis concluded that BTC is now technically in oversold territory following the sharp sell-off, making a short-term rebound likely early this week. However, the firm cautioned that this should not be mistaken for a broader trend reversal.