10x Research: Weak liquidity and overselling coexist; the March crypto market may face a critical directional choice

Deep Tide TechFlow News, March 2nd, 10x Research released a weekly market analysis on the X platform stating that the current crypto market shows features such as passive position clearing, funding rates falling to low levels, and implied volatility resetting. However, overall liquidity remains fragile, and structural capital inflows are still subdued. Additionally, market leverage has significantly contracted, with funding rates dropping to historic lows, and implied volatility of options completing a phased reset. Nevertheless, the depth of the spot and derivatives markets is insufficient, and new capital inflows for allocation have not yet formed a sustained trend. On the macro level, the US 10-year Treasury yield has fallen below 4%, ETF capital flows briefly turned positive, and options traders are building both-sided positions around key March events, indicating that market opinions on direction are still divided. Whether the current rebound signals the start of a trend reversal or is merely a tactical correction within a larger bear market framework warrants attention.