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Bitcoin keeps drifting lower — and traders are asking the same question: where’s the floor?

Host Steve Ehrlich brings on Markus Thielen, CEO of 10x Research, to walk through Bitcoin’s technical setup, ETF flows, institutional positioning, and why the recent selloff looks different from past dips.

Markus lays out the metrics he’s watching, the levels that matter, and why the path downward may still be the path of least resistance. He also shares his views on Ethereum, altcoins, digital asset treasuries, and why some investors are stepping away from risk entirely.

Host:

Steve Ehrlich, Executive Editor at Unchained

Markus Thielen, CEO of 10x Research

Timestamps:

🎬 0:00 Introduction

📉 1:39 Why Markus is not optimistic about the current market

🐻 3:23 How he defines a bear market — and why we may already be in one

📊 8:02 The key metric institutions are watching and Bitcoin’s next support level

🔁 13:14 How to spot when a real rebound might be forming

🪙 17:29 Markus’ views on ETH and what catalysts could matter

⚠️ 19:57 Why Markus warns that “you don’t want to be exposed to anything”

🏦 22:10 Digital asset treasuries and what ETF flows are signaling

🧱 28:54How staking inside ETFs threatens DATs

🔮 34:35 What Markus expects to happen by year-end

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