"We believe it will take time for the market to digest higher bond yields before Bitcoin can resume its upward trend, rather than being overly pessimistic," 10x Research said in a note. They stressed that while bitcoin and Ethereum funding rates have risen to 10 per cent, spot prices have lagged and retail participation remains subdued. "We would like to see multiple indicators agree to confirm bullish momentum, but this is not a significant issue. It may only take a few days for the market to absorb these factors." In addition, total stablecoin inflows have been the main driver of liquidity this year. "Stablecoin inflows have reached $36 billion since the launch of the Bitcoin Spot ETF and liquidity remains strong," 10x Research noted. And stressed that these inflows continue to put upward pressure on the bitcoin price. (Decrypt)