TechFlow News, June 8: According to a CoinDesk report, Markus Thielen, founder of 10x Research, stated that Bitcoin’s recent drop below $60,000 was primarily driven by large-scale institutional selling via spot ETFs—not by Strategy’s Bitcoin sales, as widely assumed by the market. Since the U.S. released its April CPI data on May 12—higher than expected—U.S.-listed Bitcoin ETFs have recorded net redemptions totaling approximately $5.4 billion; meanwhile, Strategy has instead accumulated roughly $2 billion in Bitcoin, making it one of the few major buyers in the market.
Thielen warned that if the May CPI data released this Wednesday exceeds 4% (10x Research forecasts 4.3%, higher than the market consensus of 4.2%), Bitcoin’s short-term rebound may prove unsustainable, and heightened expectations of Federal Reserve rate hikes would further weigh on risk assets. Additionally, stablecoins saw a net outflow of approximately $1.7 billion last week and a cumulative outflow of $5.5 billion this month, signaling continued capital outflows across the broader crypto market. Thielen emphasized: “Institutional ETF fund flows are the core price driver—follow the money, not the narrative.”
