Structural Shift in the Market
10x Research recently noted on the X platform that the cryptocurrency market is at a crucial turning point. While altcoins remain fragile and Bitcoin trades in an oversold zone, the market positioning is quietly evolving.
Funds Flowing to Quality Assets
Currently, crypto equities and a selection of altcoins are gaining market attention, showing relatively stronger performance. However, certain altcoins such as Optimism (OP) are under pressure, with OP-USDT falling below its 7-day and 30-day moving averages, declining over 24.4% in the past week.
Technological and Fundamental Developments
Notably, the Base blockchain is gradually moving away from OP Stack, ending the previous revenue-sharing partnership. Optimism has now launched its first monthly token buyback program, committing to use 50% of its remaining Superchain revenue to repurchase OP tokens in the open market.
Ecosystem Progress Provides Support
In addition, the liquid staking protocol ether.fi has migrated its entire non-custodial business to the OP mainnet, leveraging its enterprise-grade scalability to provide some fundamental backing for OP.