Markus Thielen, founder of 10x Research, projects Bitcoin could reach $90,000 by the end of 2026, though he anticipates a potential dip to the $77,000–$79,000 range before that rally. Thielen notes that the era of consecutive double-digit Bitcoin surges has ended, as Wall Street traders and profit-taking whales reshape market dynamics through options selling after rallies. He estimates that market makers may account for half of the $60 billion in net inflows to spot Bitcoin ETFs, holding shares primarily to hedge options trades rather than expressing bullish conviction. Regarding Ethereum, Thielen maintains a bearish stance, arguing that value has flowed excessively to Layer 2 networks, leaving ETH holders without sufficient returns. He calls for a stronger link between Ethereum network usage and holder financial interests to reverse this trend.