Analysis: Bitcoin market dominance surges, but two major indicators issue bear market warnings According to 10x Research, although the dominant position of the Bitcoin market has soared to a new cycle high, two key indicators are showing early signs of broader market pressure. Ethereum, which previously rose due to optimistic ETF sentiment, is now struggling due to over leveraged futures positions. At the same time, the (market-based) liquidity that serves as an invisible driving force for each rebound is quietly drying up, and the often overlooked flow of stablecoin funds is also showing a clear trend as summer approaches. Some major buyers in the market are withdrawing, and key technical positions are also facing challenges. Bitcoin and Ethereum experienced a pullback as expected, both releasing signals of a shift from bullish to bearish. The risk of Ethereum falling below $2420 emphasized in the previous weekend report has come true, and two key indicators are also about to turn bearish on Bitcoin, which may have a widespread impact on the entire cryptocurrency market.