10x Research: Bitcoin ETF net outflow exceeds $1 billion after CPI release, market's "inflation trade" sentiment heats up again

Odaily News On May 13, since the release of the U.S. CPI data, Bitcoin ETFs have seen a cumulative net outflow of over $1 billion, and market sentiment for the "inflation trade" has reignited. The market sentiment indicator has dropped from 87% to 45%, while U.S. long-term Treasury yields continue to climb, with the 30-year yield rising to 5.12%. Inflation is back in the spotlight, and the crypto market is facing significant headwinds.

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