10x Research: 5.9M BTC clustered $100k–$126k; CME gap filled at $104k but $240M whale dump halts rebound — macro liquidity strain as TGA tops $900B, repo usage nears $3T

first published 2025-11-11T06:12:47Z

10x Research founder Markus Thielen says about 5.9 million BTC (~$588B) have transacted in the $100k–$126k range since June, with ~347k BTC concentrated near $101k. Many of those coins are held by less-convicted or institutionally pressured holders who could panic-sell if BTC falls below $100k, potentially accelerating a drop into a liquidity ‘air pocket’ around $93k. He also notes 11 spot Bitcoin ETFs hold roughly $60.5B of inflows with an average acquisition cost near $90k and could face pressure if selling intensifies.

AI Analysis

Facts from the report: ~5.9M BTC transacted between $100k–$126k since June, ~347k BTC clustered near $101k, holders described as less-convicted or institutionally pressured who could panic-sell if BTC breaks below $100k, risk of accelerating decline into a liquidity air pocket around $93k, and 11 spot Bitcoin ETFs with average cost near $90k and ~$60.5B inflows that could come under scrutiny.

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