10x Research Says ETF Selling Drove Bitcoin Dip Below $60K

Key Point

10x Research said institutional selling through spot ETFs caused Bitcoin's recent sharp drop below $60,000. Founder Markus Thielen dismissed speculation that Strategy selling caused the decline. Thielen said the upcoming U.S. May CPI release on Wednesday is the key event to watch. Thielen said investors should follow ETF fund flows rather than narratives.

Market Sentiment

Cautiously Bearish, Flow-led, Choppy.

Reason: ETF selling as the stated driver of Bitcoin's dip below $60,000 points to weaker near-term demand.

Similar Past Cases

This type of ETF-flow-driven move typically keeps market attention on daily fund-flow direction rather than single-holder narratives. The difference is that this case also points to a near-term macro data event as a separate watchpoint.

Ripple Effect

ETF flow weakness could spread through sentiment if traders treat outflows as evidence of softer institutional demand. If ETF flows stabilize, then the pressure from this channel may stay contained.

Opportunities & Risks

Opportunities: Investors can monitor ETF fund flows and the U.S. May CPI release on Wednesday for confirmation that demand is stabilizing.

Risks: Continued ETF selling could keep Bitcoin exposed to further downside pressure if macro data also weakens risk appetite.