The market is淘汰ing indecisive traders, and smart money has already adjusted its positions.

According to the latest news, analysis firm 10x Research points out that the current market environment has undergone a key change. Most traders are still focusing on price movements, while a minority have shifted their attention to position management. The underlying signals of Bitcoin and Ethereum differ from market expectations, with multiple data points such as capital flows, derivatives, volatility, and technical structures showing various signs of improvement or warning. This indicates that the market is quietly but powerfully phasing out passive and hesitant traders.

Market Structure Is Quietly Changing

Divergence Between Price Followers and Position Managers

10x Research states that the core of the current market environment that cannot be ignored is the divergence in trader behavior. On one hand, most traders still focus on price ups and downs, attempting to profit from short-term volatility. On the other hand, a minority of professional traders have shifted their focus to position management and risk control, which is a key difference under the changing market structure.

Based on the latest data, Bitcoin’s current price is $91,374.39, up 4.03% over the past 7 days, with a 24-hour trading volume of $2.761 billion. But more noteworthy is that Bitcoin’s dominance has fallen below 60%, indicating that capital is flowing away from a single hotspot toward multiple directions. This change directly impacts traders: strategies that solely track Bitcoin’s price are no longer sufficient.

Discrepancies Between Underlying Signals and Market Expectations

10x Research emphasizes that there are significant differences between the underlying signals of Bitcoin and Ethereum and market expectations. These differences are reflected across multiple dimensions:

• Capital flows: ETF and options flows are inconsistent, showing divergence in institutional and retail expectations
• Derivatives performance: signals from options markets are out of sync with spot market performance
• Volatility structure: market volatility shows specific improvement or warning patterns
• Technical structure: on-chain data diverges from traditional technical analysis

The existence of these signals means that relying solely on a single analysis tool or price tracking can no longer adapt to the current market. Traders need to establish a more comprehensive observation framework, integrating multi-dimensional information for decision-making.

From Defense to Opportunity: A Turning Point Has Emerged

Key Market Environment Shift

According to relevant information, 10x Research has detected a critical turning point from defense to opportunity. This does not mean the market has entered a broad rally, but that the market structure is reconfiguring, and new opportunities are emerging.

Specifically, a widespread collaborative validation pattern is forming between mainstream coins and selected altcoins. Momentum effects, relative performance, and market participation are beginning to resonate. This means traders can no longer passively wait for a single hotspot but need to actively identify relative opportunities among different assets.

The True Risk of Inaction

10x Research emphasizes an important point: in the current environment, inaction itself is the real risk. This is not an encouragement for blind trading but a reminder that passive waiting and hesitation have become risks themselves.

When market structure changes, traders who stick to old strategies and wait for clear signals often miss the earliest opportunities. Those who actively manage their positions and adjust strategies in time are already gaining advantages in the new market landscape.

Position Management Becomes Key

The Importance of Discipline and Active Management

10x Research states that the next phase will test discipline, strategic rules, and active position management more than ever. Clear risk control will be crucial in distinguishing profitable traders from market noise.

This means successful traders need to:

• Actively manage positions: adjust size and allocation based on market signals
• Prioritize risk control: ensure risks are manageable before pursuing gains
• Verify signals: do not rely on a single news or price signal but incorporate multi-dimensional data
• Follow strategic discipline: set rules and strictly adhere to them, avoiding emotional decisions

The “Harsh Selection” Currently Underway

The non-broad-rally characteristic of the current market means not all assets are rising, nor are all strategies effective. The market is conducting a subtle selection: rewarding those who actively manage and maintain discipline, punishing passive and hesitant traders.

This selection process has already begun to show. According to 10x Research’s analysis, most investors are still waiting for headline news to guide their direction, while traders should focus on market structure and signal verification. This is the fundamental difference between the two types of participants.

Summary

The market is phasing out hesitant traders, and this process has already started. The key changes include three aspects:

1. Increasing divergence among traders: the profit gap between the majority focusing on price and the minority focusing on positions is widening

2. Position management becomes central: in a non-broad-rally environment, active position management and risk control are essential for profitability

3. Market structure rebalancing: capital is flowing from single hotspots to multiple directions, requiring more complex analysis frameworks to capture opportunities

For traders, the current market environment demands active adaptation rather than passive waiting. Those who can quickly adjust strategies, actively manage positions, and synthesize multi-dimensional signals will gain an advantage in this market selection. Hesitation and passive waiting are no longer safe choices; instead, they have become genuine risks.