Blame bitcoin's tumble on rising inflation, not Strategy, 10xResearch argues
Key takeaways
- The main driver behind bitcoin's weakness was ETF selling after red-hot April U.S. inflation data, 10x's Markus Thielen argued.
- In a Monday report, Markus Thielen, founder of 10x Research, wrote to clients that investors have largely misread the drivers behind crypto's sharp selloff over the past weeks.
- Since the U.S. inflation report for April came in higher than anticipated on May 12, U.S.-listed bitcoin ETFs have seen roughly $5.4 billion in net redemptions, Thielen noted.
The main driver behind bitcoin's weakness was ETF selling after red-hot April U.S. inflation data, 10x's Markus Thielen argued. The bounce may hinge on Wednesday's CPI data, he said.By Krisztian Sandor|Edited by Nikhilesh De Jun 8, 2026, 2:37 p.m. 2 min read Make preferred on (Markus Winkler/Unsplash)What to know: Bitcoin’s selloff below $60,000 was driven by institutional selling through spot bitcoin ETFs after reaccelerating inflation data, 10x Research's Markus Thielen argued.Since the April U.S. CPI report on May 12, U.S.-listed bitcoin ETFs saw $5.4 billion in net redemptions.Bitcoin's rebound could be short-lived if May CPI inflation data on Wednesday will come in above 4%, Thielen said.In this articleBTCBTC$63,871.14◢3.22%Bitcoin's BTC$63,871.14 slide below $60,000 may have less to do with Michael Saylor's Strategy (MSTR) and more to do with inflation creeping higher, one analyst argued.
In a Monday report, Markus Thielen, founder of 10x Research, wrote to clients that investors have largely misread the drivers behind crypto's sharp selloff over the past weeks. While much of the market focused on Strategy's first bitcoin sale since 2022 and the potential overhang if the largest corporate holder sells more, the bigger story has been a wave of institutional selling through spot bitcoin exchange-traded funds (ETF), he said.
Since the U.S. inflation report for April came in higher than anticipated on May 12, U.S.-listed bitcoin ETFs have seen roughly $5.4 billion in net redemptions, Thielen noted. During the same period, Strategy accumulated about $2 billion worth of bitcoin, making it one of the few significant buyers in the market.