COINTELEGRAPH · 2026-11-03 16:12 UTC

Wall Street killed Bitcoin's wild rallies: 10x's Markus Thielen

Wall Street institutional traders and profit-taking whales have reduced Bitcoin's volatile rallies through options selling and market-making activities, according to 10x Research founder Markus Thielen. Thielen estimates market makers account for up to half of the $60 billion in net spot Bitcoin ETF inflows, with these positions hedging options trades rather than representing bullish bets on price. Thielen forecasts Bitcoin could reach $90,000 by year-end after a potential dip to mid-to-high $70,000s, and expects Bitcoin to outperform Ethereum due to value leakage to layer-2 networks.

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