Bitcoin faces 2-week deadline as 10X Research and Bitwise CEO clash on risk

Two conflicting views on Bitcoin's near-term direction emerged June 7, with 10X Research setting a two-week deadline for a regime change while Bitwise Asset Management CEO Hunter Horsley warned of a deeper structural risk.

Bitcoin traded at $61,850 as of 07:00 UTC, down 2.3% over the past 24 hours, according to CoinGecko data. Trading volume reached $28.4 billion, below the seven-day average of $34.1 billion, suggesting indecision rather than panic selling.

10X Research said in a note published June 7 that the next two weeks and two specific events will determine whether Bitcoin enters a new bullish or bearish regime. The research firm did not disclose the exact events but pointed to macro catalysts that could shift liquidity conditions for risk assets. Bitcoin's market cap stood at $1.22 trillion, with dominance at 51.4%, according to CoinGecko.

"The clock is ticking for Bitcoin, with two weeks and two events set to decide its next regime," 10X Research said in the note.

Hunter Horsley, CEO and co-founder at Bitwise Asset Management, countered that the real risk facing Bitcoin is larger than any single macro event. In a post on X, Horsley said that while technology companies once embodied underdog energy, they now feel like part of the establishment. Crypto, particularly during bear markets, restores that underdog spirit of building against larger forces, he said.

"The crypto sector, especially during bear markets, brings back the underdog spirit and a sense of building against larger forces," Horsley said.

Horsley's comments reflect a view that Bitcoin's long-term risk is not a two-week macro window but the erosion of its cultural and ideological foundation as it becomes increasingly institutionalized. Bitwise has been active in bridging traditional and digital assets, launching the Bitwise Hyperliquid ETF under the BHYP ticker and previously comparing the potential SpaceX IPO valuation to the crypto market excluding stablecoins.

On-chain and derivatives data show mixed signals

Open interest across Bitcoin futures stood at $32.1 billion as of 06:00 UTC, according to Coinglass data, with the funding rate at 0.003% — near neutral territory. This suggests leveraged positions are balanced and no forced liquidation cascade is imminent.

Bitcoin's key support sits at $60,000, a level tested twice in the past two weeks. A break below that opens the path to $57,500, according to technical analysts. On the upside, resistance at $64,000 must clear for a move toward $67,000.

Spot Bitcoin ETF flows have been mixed. After a period of net inflows, the past three trading sessions saw net outflows of approximately $180 million across the 11 U.S. spot Bitcoin ETFs, according to data from The Block. The Grayscale Bitcoin Trust (GBTC) accounted for the largest share of outflows.

What the conflicting views mean for traders

The divergence between 10X Research's short-term macro framework and Horsley's structural thesis creates an unusual setup. If the two events cited by 10X Research produce a bullish outcome — such as a dovish Federal Reserve signal or favorable regulatory development — Bitcoin could test $67,000 resistance within two weeks. A bearish outcome could push prices below $60,000 support.

Horsley's warning, meanwhile, suggests that even a short-term rally would not eliminate the deeper risk of crypto losing its counter-cultural identity as Wall Street involvement deepens. Bitwise manages approximately $12 billion in assets under management, giving its CEO's views weight among institutional allocators.

The next two weeks will test which framework prevails — the macro-driven timeline or the structural thesis — with both sets of investors watching the same price levels for different reasons.

This article is for informational purposes only and does not constitute investment advice.