Bitcoin price analysis: blame BTC plunge on rising inflation, not Strategy, 10xResearch says
Bitcoin’s drop below $60,000 is being driven more by macro pressure and institutional outflows than by Strategy’s bitcoin sales, according to 10x Research. Since the hotter-than-expected April inflation report, U.S.-listed spot bitcoin ETFs have seen about $5.4 billion in net redemptions, while Strategy has still bought roughly $2 billion in bitcoin. The firm argues the market has misread the selloff and that “Strategy is not the problem.” Attention now shifts to Wednesday’s CPI report, which could show inflation rising to 4.3%. A stronger reading would likely keep interest rates higher for longer and pressure risk assets, including bitcoin. 10x expects any short relief rally to fade if inflation comes in hot. Broader crypto flows also look weak, with stablecoin outflows and falling bitcoin futures open interest signaling reduced trader exposure.
