10x Research: Long-term holders' profit-taking puts BTC prices under pressure, and crypto stocks are breaking away from Bitcoin's lackluster performance

Mars Finance News, on June 8, 10x Research reported that Bitcoin is below the 7-day moving average (bearish), but above the 30-day moving average (bullish), with a weekly price change of a 2.5% decline, partly due to the public dispute between Musk and Trump leading to a $308 million long position liquidation. Uncertainty in US trade policy and cooling labor market also put pressure on Bitcoin, keeping its price at $105,100. Institutional demand remains strong, with US spot Bitcoin ETF recording $9 billion in inflows over five weeks. However, increased profit-taking by long-term holders has put pressure on prices. The market is beginning to recognize that crypto stocks are breaking away from Bitcoin's flat performance, with the total market value of publicly listed crypto companies now exceeding $300 billion, and institutional capital making directional bets. Circle's highly anticipated IPO and Robinhood's surging crypto revenue are pointing to structural changes, with retail investors abandoning direct Bitcoin purchases due to high prices and instead chasing Bitcoin exposure through cheaper crypto stocks. Although Circle's valuation seems high, its IPO's success reflects the strong demand from increased regulatory clarity. A simple regression analysis shows that Coinbase's stock is currently 18% below fair value. Robinhood maintains a strong upward trend, and Galaxy Digital may also be undervalued.