BlockBeats News, June 8th. Markus Thielen, founder of 10x Research, stated that the recent reason for Bitcoin dropping below $60,000 was not due to market concerns about Strategy selling Bitcoin, but rather institutional investors continuously withdrawing from the spot Bitcoin ETF after the re-emergence of US inflation.

Thielen pointed out that since the US April CPI data exceeded expectations on May 12th, the US spot Bitcoin ETF has seen a net outflow of approximately $5.4 billion, while Strategy has increased its Bitcoin holdings by about $2 billion during the same period, becoming one of the few major buyers in the market. He believed that the market misjudged the driving force behind this recent drop, stating that "the issue is not with Strategy."

10x Research expects the year-on-year growth rate of the US May CPI to rise to 4.3%, higher than the market's expected 4.2%. If the data released on Wednesday exceeds 4%, it may further strengthen the market's concerns about the Fed maintaining high interest rates or even raising them again, thereby continuing to suppress the performance of risk assets.

Although the short-term technical aspect of Bitcoin has entered the oversold zone, a rebound is not ruled out. However, if the inflation data continues to exceed expectations, the upward trend may be difficult to sustain. In addition, stablecoin outflows were around $1.7 billion last week, totaling $5.5 billion in outflows over the past month, while open interest in Bitcoin futures has significantly decreased, indicating that funds are still leaving the crypto market.

He emphasized that the flow of funds into the spot Bitcoin ETF remains the most critical indicator for judging the future market, stating that "what drives the price is institutional ETF funds, not the market narrative."