According to online reports, 10x Research analyzed that Bitcoin may face supply constraints, although the market still lacks key market structure data support. They pointed out that there are currently many positive signals in the market, including on-chain data, seasonal trends, breakthrough indicators, China's Spring Festival effect, neutral Federal Reserve policies, and crypto-friendly presidents. However, these factors have not yet resonated with the market structure. In addition, 10x Research also mentioned that in the current bull market, it has become increasingly difficult to obtain stable returns through altcoins. Only between the U.S. election on November 5 and the employment report on December 6/9, altcoins performed strongly, and then the Federal Reserve's hawkish stance in mid-December put pressure on the market.