Thin Bitcoin Trading Leaves Rally Vulnerable to Macro Shocks, 10X Research Warns

Bitcoin moved back toward $80,000 after U.S. tariff policy roiled global markets in April 2025. 10X Research said weak spot trading volumes and derivatives positioning showed that the rebound lacked broad support from large investors. In a low-volatility environment, inflation, interest rates or a selloff in risk assets could amplify price swings.

As of April 9, 2025, Bitcoin’s market share had risen to 60%, U.S. spot Bitcoin ETFs continued to attract inflows and the cryptocurrency was approaching $80,000. However, 10X Research said low trading volumes, sluggish derivatives activity and the absence of large buyers left the rally with limited support and heightened the risk of a pullback if a macroeconomic shock hits.