Short or Rebound? Ethereum Under Pressure as 10x Research Sparks Market Uncertainty

Tension is once again rising in the crypto market. After a massive $1.2 billion liquidation of long positions, investors are questioning whether another crash is coming—or if this is just a pause before the rebound.

The spotlight is now on the $16 billion Bitcoin and Ethereum options expiry, a key event that could determine the market’s next direction. And in the middle of it all, analysts at 10x Research have made a bold call: short Ethereum.

Market on Edge: Billions Wiped Out Bitcoin, Ethereum, and other major cryptocurrencies have fallen sharply this week.

More than $200 billion in total market capitalization has evaporated as traders locked in profits ahead of month-end options expiries. On Deribit, over 123,000 BTC options worth $13.5 billion are set to expire today. The put-to-call ratio (0.70) suggests most traders still lean bullish, yet the volume of put options jumped 35% in the last 24 hours, signaling growing hedging activity against downside risk. Bitcoin currently hovers around $112,000, a key support level. Holding above it could reignite momentum—but a drop below $110,000 might trigger another wave of selling.

Ethereum Faces Rising Pressure While Bitcoin tries to stabilize, Ethereum looks weaker.

Over 642,000 ETH options worth nearly $2.5 billion are expiring today, with the put/call ratio doubling to 2.0 — a clear indicator of bearish sentiment. ETH trades around $3,836, while the “max pain” level sits at $4,100. The heaviest put option activity is clustered at strike prices $4,000 and $3,600, suggesting traders expect further downside.

10x Research: Sell ETH, Be Cautious with BTC According to Markus Thielen from 10x Research, the market is showing a clear contrast:

While Bitcoin exhibits signs of recovery, Ethereum’s structure looks increasingly fragile. “Implied volatility in BTC is rising, but longer maturities remain steady. That’s a sign of an incoming catalyst. ETH, on the other hand, is showing breakdowns in long-term return structures,”

Thielen said. The firm recommends shorting Ethereum as a tactical hedge in an uncertain market.

Institutions Retreat, Retail Hesitates Ethereum had positioned itself this summer as a “digital treasury asset”, fueled by institutional accumulation through Bitmine’s strategies, which later sold ETH to retail investors at a premium.

However, 10x Research now warns that “something broke in that model”, and the effects could be severe. Institutional inflows have dried up, Bitcoin and Ethereum spot ETFs are seeing outflows, and overall sentiment is turning defensive. “Institutions react to real flows, not macro liquidity—and the flow is drying up,”

analysts cautioned.

Key Levels to Watch Bitcoin: Support at $112,000, resistance at $118,000Ethereum: Critical zone between $3,600–$3,800, risk of falling below $3,500Sentiment: Put options dominate, RSI declining, open interest stagnating If the market stabilizes after the options expiry, a short-term rebound could follow.

But if uncertainty persists, another round of liquidations may be triggered—this time led by Ethereum.

Conclusion The crypto market stands at a crossroads. Bitcoin still has a chance to bounce, but Ethereum appears trapped in a risk zone.

10x Research advises investors to “stay defensive” as the coming days could determine whether we’re witnessing a market reset or the next wave of capitulation.

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