10x Research Founder: Bitcoin May Reach $90,000 by Year-End

10x Research founder Markus Thielen said bitcoin could reach $90,000 by year-end, though he expects a pullback to the mid-to-high $70,000 range first before any rebound. He also predicted bitcoin will outperform ether, citing value migrating from Ethereum’s base layer to Layer 2 networks and insufficient returns to ETH holders from network usage. Thielen estimated that of roughly $60 billion in net inflows to spot bitcoin ETFs, about $20–30 billion came from options market makers using the holdings as collateral for options trading, based on his review of 13F filings. The call matters because it frames the recent ETF-driven demand as partly structural hedging flow rather than pure directional buying. Watch whether bitcoin holds the $70,000s in any near-term drawdown and whether ETF inflows persist into year-end.