[10x Research: The Current Market Lacks Structural Basis for Long Positions Beyond Short-Term Tactical Rebounds] Reported by Jinse Finance, 10x Research posted on the X platform, stating: 'Bitcoin does not lack buyers, but rather lacks entry permission. If we were to determine a bullish or bearish stance based on a single data indicator, we would not choose market sentiment, global liquidity, stock-to-flow ratio (S2F), or other popular frameworks with relatively low signal strength. We would focus on the 30-day Bitcoin capital inflow indicator — this indicator once again makes it clear: despite market expectations of interest rate cuts and ongoing speculation that the Federal Reserve Chair in 2026 will adopt a dovish stance, the current market lacks the structural basis for long positions beyond short-term tactical rebounds. This indicator has only shown three major peaks, and selling at each peak has significantly outperformed any narrative-based trading strategy. The lack of sustained capital inflows also explains why a genuine altcoin rotation has yet to occur: the top-level capital pool lacks sufficient incremental capital to create a trickle-down flow of funds. Only when this indicator bottoms out and rebounds will the next sustainable bull market phase begin; until then, all rebounds are merely tactical moves, not trend reversals.'