Bitcoin FOMO is Back: 10X Research’s Markus Thielen

As an analyst, I find myself asking, “Have you positioned yourself adequately with Bitcoin and other altcoins to capitalize on the upcoming surge?” This is based on my latest analysis by 10X Research’s Markus Thielen. With Bitcoin surpassing $65,000, we foresee a rapid advancement towards $70,000, followed by fresh record highs in the short term.

In the days following the Federal Reserve’s July meeting where rates remained steady but hinted at potential easing in September, Thielen observed a significant surge in stablecoin creation. This surge resulted in approximately $10 billion of new stablecoins being minted, according to Thielen. This influx of stablecoins significantly boosted the crypto market’s liquidity and even outpaced the flows from spot ETFs.

Of particular interest, said Thielen, Circle’s USDC accounted for 40% of recent stablecoin inflows, a far higher share versus Tether’s USDT than is typical. It’s important, he said, as while USDT minting on TRON is typically associated with capital preservation, USDC minting could indicate a rise in DeFi activity.

Thielen pointed out that a significant portion (55%) of mined bitcoins is currently being produced by Chinese mining pools. He suggested that due to China’s substantial monetary and fiscal stimulus measures following the Fed rate cut, there could be a surge in capital flowing out of China and into cryptocurrencies.

According to Thielen’s assessment, it’s highly probable that we’ll witness a significant rally by the end of Q4, and these potential profits may come early. This could trigger a strong increase in fear of missing out (FOMO) throughout the cryptocurrency market.

At present, Bitcoin has experienced a 2.3% increase over the last 24 hours, and it’s also approximately 12% higher compared to a month ago, reaching a peak of around $66,300 – which is its highest point since late July.