The crypto bull run that’s fueled billions in inflows over the past few months may be on shaky ground, according to a new alert from 10x Research. Despite the market’s apparent strength, the firm warns that underlying conditions suggest a sharp slowdown may be imminent.
This comes at a time when investor confidence appears high and capital continues to flow into Bitcoin, Ethereum, and risk-on altcoins. But behind the euphoria, 10x Research is urging caution—and their data points paint a concerning picture for anyone riding the current rally.
Crypto Bull Run Under Pressure as Momentum Slows
At the center of 10x Research’s thesis is a divergence between market momentum and inflows. While crypto assets have seen billions in net inflows, particularly through ETFs and institutional channels, this liquidity is no longer translating into sustainable upward price action.
According to a recent update, analysts at 10x warn that “the market is absorbing inflows without price expansion,” a clear signal that bullish momentum is weakening. In simpler terms, new money is entering the market, but it’s not driving prices higher as it did in Q1 and early Q2 of 2025.
Source: 10x Research
This divergence is often seen in late-stage rallies, where price tops precede sharp retracements. If history is any guide, this pattern may suggest that the bull run is nearing exhaustion.
Key Indicators Flashing Red
Among the indicators that 10x Research is tracking:
- Daily Relative Strength Index (RSI) levels are retreating across major assets.
- Volume-to-price divergence shows lower enthusiasm on upward moves.
- The market is showing less volatility compression, often a precursor to trend reversals.
- Risk-on sentiment is waning among altcoins, even as Bitcoin attempts to hold above key support levels.
On X, 10x Research reaffirmed their view that the “market is vulnerable,” suggesting that price resilience may not hold up under pressure, particularly if macro conditions deteriorate.
What This Means for Traders and Investors
For long-term investors, a pause in the bull run isn’t necessarily bearish—it can offer entry opportunities at more attractive levels. But for short-term traders, the warning is more serious. Without continued momentum, overleveraged positions and euphoric sentiment could quickly reverse.
In past cycles, sharp corrections have wiped out double-digit gains in a matter of days. If 10x Research is right, we could be on the brink of a local top that catches many off guard.
Bull Run or Bull Trap?
The broader question now is whether this cycle still has legs—or whether we’re witnessing the early formation of a bull trap. The difference lies in whether upcoming catalysts, such as the expected Ethereum ETF approval or renewed institutional flows, can reignite upward momentum.
If those catalysts underperform or if macro headwinds (like rate hikes or geopolitical shocks) weigh on investor sentiment, the crypto bull run may not just stall—it could collapse into a deeper correction.
Final Thoughts: Is the Crypto Bull Run in Jeopardy?
While the crypto market remains near multi-month highs, 10x Research’s warning serves as a timely reminder that euphoria alone doesn’t sustain a bull run. As liquidity continues pouring in, investors must look beyond the headlines and watch for signals beneath the surface.Whether this is a temporary slowdown or the start of a major reversal, one thing is clear: the next few weeks could define the trajectory of crypto for the rest of 2025.
