Analysis: BTC and ETH rebound beyond expectations, but currently it is not a good time to heavily invest in cryptocurrency stocks such as Coinbase Odaily Planet Daily News: 10x Research published an article on X platform stating that the recent rise in Bitcoin and Ethereum caught most market participants off guard. In addition, cryptocurrency stock Circle has risen by about 103% since February 20th, mainly driven by the replenishment market driven by the previously identified large-scale short positions of hedge funds. On February 27th, 10x Research suggested investing in Bitcoin's $75000/$80000 price differential option (expiring on March 27th). Based on market structure, the probability of a rebound has increased, and the current return on this strategy has reached 155%. At the same time, institutions have begun to shift some of their positions towards high elasticity cryptocurrency "proxy assets" stocks, including Strategy, Metaplanet, and Bitmine, although overall trading volume remains relatively low. However, 10x Research believes that it is not yet the time to invest heavily in cryptocurrency service providers (such as Coinbase), but rather to obtain direct investment exposure through Bitcoin spot, options, and perpetual contracts. However, the next stage of the trend and the overall direction of the cryptocurrency market still need further observation.