TechFlow News, May 25: 10x Research stated that its Bitcoin trend model has turned bearish, with the current key bull-bear delineation level at $76,088. It noted that MicroStrategy’s “never sell” narrative has weakened, as Saylor hinted the company may sell part of its 843,000 BTC holdings; since May 7, this has driven a net outflow of $2.7 billion from Bitcoin ETFs.
Meanwhile, Ethereum’s market share has dropped below 10% for the first time since July 2025, and Bitmine shareholders have incurred $8 billion in losses due to their ETH exposure. 10x Research also pointed out that market pricing of inflation’s impact on Bitcoin returns is skewed, with both Bitcoin’s and Ethereum’s implied volatilities currently at historical lows.




