10x Research: Stablecoin inflows replacing ETFs as upward momentum; ENA expected to rise to $5

Analyst Markus Thielen, founder of the research firm 10x Research and analyst at Matrixport, suddenly made his subscription article from April 8th public. Let's see what he had to say.

Stablecoins Replace ETFs, Becoming Key Momentum for Bitcoin

Markus Thielen has previously expressed a bullish outlook on the future of Bitcoin, stating that Bitcoin is expected to break out of a triangle pattern in the coming weeks with a target price of $83,000.

He mentioned that his investment portfolio was relatively neutral in March and did not trade during Bitcoin's volatility period, but now many tokens in the market are approaching key levels of breakout, and he no longer worries about ETF outflows.

Bitcoin Nears Historical Highs, 10x Research Analyst: Target Price $83,000

He stated:

He also cited a report from Cointelegraph indicating that Bitcoin often surges during the European trading session, proving that the focus on the US Bitcoin spot ETF needs to change.

The chart below shows that stablecoin flows have reached $19.6 billion since January, exceeding ETF flows of $12.7 billion. Markus Thielen urged everyone to pay more attention to Tether and Circle.

Ethena ENA Targeting $5

Markus Thielen mentioned that ENA is the preferred coin in his competitive coin investment portfolio, and with USDe including Bitcoin as collateral and the launch of the second-quarter points program, it implies more demand for Bitcoin purchases, and Ethena Protocol TVL will also rise.

He predicted that if TVL reaches $10 billion, the ENA price could reach $5.

Ethena ENA Adds BTC Support Positions, Expanding Scale for USDe