10x Research: Bitcoin's Dip is Not Due to Strategy, but Inflation and ETF Outflows

Odaily Odaily reports that Markus Thielen, founder of 10x Research, stated that the core driver behind Bitcoin's dip below $60,000 is not market fears of Strategy selling, but rather sustained ETF outflows triggered by rising U.S. inflation. Data shows that since April's U.S. inflation data exceeded expectations, U.S. spot Bitcoin ETFs have accumulated net redemptions of approximately $5.4 billion. During the same period, MicroStrategy actually increased its BTC holdings by about $2 billion, becoming one of the few net buyers.

Markus Thielen pointed out: "The market has misjudged this decline. Strategy is not the issue; the real driver is institutional ETF selling." The market's current focus should shift to the CPI data to be released this Wednesday. If inflation comes in higher than expected, it could reinforce the expectation of "higher interest rates for longer," continuing to suppress risk assets. His model predicts that U.S. inflation could rise to 4.3%, higher than the market consensus.

10x Research emphasizes that market liquidity remains weak: stablecoins saw net outflows of about $5.5 billion last month, and futures open interest has declined, indicating that funds are exiting the crypto market. ETF flows remain the core variable for Bitcoin's price – "Follow the flows, not the narrative." (CoinDesk)