ChainCatcher news, 10x Research said in its latest report that the crypto market is undergoing some major shifts. While short-term concerns are obvious, larger trends may soon overshadow these concerns. Last night's market adjustment may be due to weak Chinese economic data, which suggests that additional stimulus measures are needed.

Therefore, speculative traders may have turned from Bitcoin to Chinese stocks to gain higher beta exposure. People are also concerned about the weakness at the beginning of the month. In addition, Bitcoin's short-term technical indicators appear to be overbought.