10x Research: Bitcoin's Slide Tied to CPI Shock, Not Strategy Selling

Markus Thielen, founder of 10x Research, said Bitcoin's recent move below $60,000 was driven mainly by institutional selling via U.S.-listed spot Bitcoin ETFs, rather than the market's focus on alleged sales by Strategy. After the U.S. released April CPI data on May 12 that exceeded expectations, U.S.-listed Bitcoin ETFs recorded cumulative net redemptions of about $5.4 billion. Over the same period, Strategy increased its Bitcoin holdings by roughly $2 billion, making it one of the few large buyers in the market. Thielen warned that if this Wednesday's May CPI print comes in above 4%—10x Research projects 4.3%, versus the market's 4.2%—any near-term Bitcoin bounce could prove short-lived as renewed expectations for Fed rate hikes add pressure to risk assets. He also noted signs of broader crypto deleveraging: stablecoins saw net outflows of around $1.7 billion last week and a cumulative $5.5 billion this month, pointing to continued capital leaving the sector. Thielen said: "Institutional ETF fund flows are the core driver of price—follow the money, not the narrative."