Markus
Thielen.
Market Intelligence.
Former Hedge Fund CIO · Morgan Stanley · JP Morgan · Millennium Capital
One of the most cited crypto analysts globally. Called the 2022 Bitcoin cycle low. Projected $125,000 before consensus. Flagged the 2025 bear market before the drawdown. Research trusted by clients managing over $142 billion in assets.
The calls that defined the cycle.
Track RecordRegime model vs. buy-and-hold Bitcoin.
PerformanceOur proprietary signal framework switches between fully invested and cash positions based on on-chain momentum, funding rates, and macro regime signals. The result: higher returns with significantly lower drawdowns than passive Bitcoin exposure.
Illustrative backtest. Past performance is not indicative of future results. Model enters cash during identified bear market regimes.
Watch Markus in action.
Two decades of institutional edge.
Markus Thielen is the founder and CEO of 10x Research, a Singapore-based digital asset research firm trusted by clients managing over $142 billion in assets — including hedge funds, asset managers, sovereign wealth funds, and trading firms.
He began his career at Morgan Stanley in Hong Kong building out Quantitative and Derivatives Strategy across Asia, then spent seven years at JP Morgan’s Chief Investment Office managing equity, currency, and rates portfolios. He subsequently ran a macro portfolio at Millennium Capital Partners in London before founding 10x Research in November 2023.
He is the author of Crypto Titans: How Trillions Were Made and Billions Lost in the Cryptocurrency Markets (4.9/5), holds an MSci in Finance from ESCP Paris, and is one of the most quoted crypto analysts globally.
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All content is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or digital asset. Past performance is not indicative of future results. Operated by 10x Research Pte. Ltd., Singapore (UEN: 202346933M).