10x Research: Bitcoin ETF net outflows exceed $1 billion after CPI release, "inflation trade" sentiment heats up again

Odaily reported that crypto research firm 10x Research stated that since the release of US CPI data on May 13, Bitcoin ETFs have seen cumulative outflows exceeding $1 billion, as market "inflation trade" sentiment heats up again. The market sentiment indicator has dropped from 87% to 45%, while yields on long-term US Treasury bonds continue to rise, with the 30-year Treasury yield climbing to 5.12%. Inflation has once again become a market focus, and the crypto market is facing a significant impact.

Additionally, 10x Research noted that its model has triggered a bearish signal for Ethereum, and Bitcoin is currently testing the critical support of the 30-day moving average. A confirmed breakdown could indicate further deterioration in momentum. The firm is closely watching the $79,125 short-term bull-bear demarcation level and the $76,922 major support level, suggesting that the bottom of this cycle may have already formed.