Bitcoin’s Bull Run Stalls as Seasonal Headwinds Kick In—10x Research Warns

Bitcoin's rally hits a wall—just as seasonal turbulence looms. Here's why traders should brace for chop.

### The Momentum Drain

BTC's price action looks exhausted after months of relentless gains. 10x Research flags weakening buy-side pressure as institutional flows taper off.

### Calendar Crunch

Historical data shows August-September as crypto's danger zone. Liquidity dries up faster than a DeFi rug pull when Wall Street goes on vacation.

### Silver Lining Playbook

Don't count out the bulls yet. Every dip since 2023 has been bought—because nothing makes bankers seethe like retail outperforming their hedged portfolios.

Pro tip: When analysts say 'seasonal headwinds,' grab popcorn. It's finance-speak for 'we have no idea but need to sound smart.'

The report also flagged a slowdown in capital flows into the Bitcoin network, a key driver of price action this year. Total cumulative inflows into the network now exceed $1 trillion, with $206 billion arriving in 2025.

But the 30‑day rolling average slipped from $62.4 billion to $59.3 billion, that could mark the start of a consolidation phase, the report said, mirroring past peaks in this metric like in Q1 and Q4 2024.

“Time is running short, and despite billions in capital inflows from corporate treasuries, the actual price impact has been surprisingly muted,” wrote Markus Thielen, co-founder and lead analyst at 10x. “This raises the possibility that even with continued support, the market may fall short of delivering the kind of upside many are hoping for.”

The report forecasts a likely break below $117,000, with support at $112,000 and a deeper floor around the $106,000–$110,000 threshold.

Still, BTC bulls may cling to the hope that the outlier August gains happened in 2013, 2017 and 2021, during Bitcoin's post-halving years coinciding with roaring bull markets.

And 2025 might be a year just like those.