As Bitcoin (BTC) continues to attract institutional treasury funds, companies focused on Ethereum (ETH) are beginning to exhaust their ammunition, making this asset a potential short opportunity for investors seeking to hedge their exposure to the digital asset industry.
This is one of the key points from a recent report by 10x Research, which argues that shorting Ethereum could be a wise move to hedge against Bitcoin.
According to the report, BTC remains the primary focus of institutional investment, while ETH shows structural weaknesses. Analysts state that the narrative around Ethereum's "digital asset treasury" has led institutions to accumulate ETH, which is then distributed to retail investors—this pattern is now unraveling due to a lack of transparency in private investment in public equity (PIPE) disclosures and uncertainty in capital flows.
10x Research uses the treasury company BitMine as a case study, noting that its strategy "allows institutional investors to accumulate ETH at face value, which is then allocated to retail buyers at a premium—this feedback loop continues to drive prices higher."
Researchers also pointed out several technical indicators suggesting that if the support level around $3,000 is breached, the price of ETH could drop significantly, potentially falling to around $2,700.
"As we pointed out, the weekly stochastic indicator is signaling a clear topping pattern, while the multi-year wedge formation has shown false breakouts, similar to the false breakdown that occurred in March 2025," the researchers stated.
According to industry data, there are currently 15 digital asset treasury companies focused on Ethereum, collectively holding 4.7 million ETH.
BitMine is the largest holder to date, with approximately 3.3 million ETH on its balance sheet. It is followed by SharpLink, which holds about 859,853 ETH, and Bit Digital, which holds 150,244 ETH.
Despite recent volatility in the Ethereum market, including weakened demand for U.S. spot exchange-traded funds (ETFs), BitMine Chairman Tom Lee remains bullish. Lee reiterated last month that the price of ETH could reach $10,000 this year and believes that the asset has been building a solid foundation since 2021.
Although Lee is optimistic, there has been a general sense of caution in the market following the crash on October 10, which wiped out approximately $19 billion in crypto positions—marking the largest liquidation event on record. Since then, Ethereum and the broader digital asset industry have struggled to regain momentum.
Related: "The Cycle Myth is No More: Five Structural Trends Reveal the Shift of the Crypto Market from Euphoria to Rationality"
Original: “10x Research: Shorting Ethereum (ETH) May Hedge Bitcoin (BTC) Exposure”
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