[10x Research: BTC/ETH rebound exceeds expectations, not the right time to heavily invest in crypto stocks like Coinbase] Deep Tide TechFlow reports that on March 17, 10x Research posted on the X platform stating that the recent Bitcoin and Ethereum rally caught most market participants off guard. Additionally, crypto stock Circle has surged approximately 103% since February 20, primarily driven by a short-covering rally fueled by large-scale hedge fund short positions identified earlier. On February 27, 10x Research had recommended setting up Bitcoin $75K/$80K bullish call spread options (expiring March 27), based on market structure analysis suggesting an increased probability of a rebound. This strategy has now yielded a return of 155%. Meanwhile, institutions have started shifting some positions toward high-volatility crypto "proxy asset" stocks, including Strategy, Metaplanet, and Bitmine. However, given the overall trading volume remains relatively low, 10x Research believes it is not yet the time to heavily invest in cryptocurrency service providers (such as Coinbase). Instead, they favor gaining direct investment exposure through Bitcoin spot, options, and perpetual contracts. The next phase of market movement and the overall direction of the crypto market remain to be further observed.