10x Research has highlighted that the recent surge in Bitcoin and Ethereum prices has taken many market participants by surprise. The firm noted that crypto stock Circle has surged approximately 103% since February 20, driven by a short-covering rally. On February 27, 10x Research recommended a Bitcoin call spread strategy at $75K/$80K, which has since yielded a 155% return. Despite these gains, 10x Research advises caution regarding substantial investments in crypto service providers like Coinbase, citing low overall trading volumes. Instead, they recommend direct exposure to Bitcoin through spot, options, and perpetual contracts. The firm suggests that the next phase of price movement and the broader market direction remain uncertain.