10xResearch Attributes Bitcoin Decline to Inflation, Not ETF Selling
10xResearch's Markus Thielen suggests that Bitcoin's recent decline is mainly due to rising inflation, not institutional selling via ETFs, according to CoinDesk. Thielen notes that since the latest U.S. inflation report, Bitcoin ETFs have experienced $5.4 billion in redemptions, which may impact future price movements depending on upcoming CPI data.
Markus Thielen, founder of 10xResearch, argues that Bitcoin's sell-off below $60,000 primarily results from rising inflation, rather than concerns over sales by corporate investors like Strategy. In a report published on June 8, 2026, Thielen pointed out that institutional selling through spot Bitcoin exchange-traded funds (ETFs) intensified following April's U.S. inflation data.
Since the April consumer price index (CPI) report released on May 12 indicated an unexpected rise in inflation, U.S.-listed Bitcoin ETFs faced approximately $5.4 billion in net redemptions. In contrast, the same period saw Strategy purchase about $2 billion worth of Bitcoin, positioning it as one of the few notable buyers in a declining market.
Thielen emphasizes that the market has misdiagnosed the causes of the recent sell-off, stating, "The market has misdiagnosed this selloff. Strategy is not the problem." With fears of persistent inflation on the rise, he warns that Bitcoin's potential recovery might hinge on the upcoming May CPI report, expected to be released soon.
- If inflation exceeds 4%, it could raise concerns that the Federal Reserve might need to maintain higher interest rates, which are generally detrimental to risk assets like Bitcoin.
- The current market sentiment has shifted from expectations of rate cuts to discussions about possible rate hikes due to ongoing inflation and labor market pressures.
Despite signs that Bitcoin may be technically oversold, Thielen cautions against viewing any short-term rebounds as indicators of a lasting recovery. He notes the overall weak market dynamics, including significant outflows of stablecoins—$1.7 billion in the past week and $5.5 billion over the month—which point to capital leaving the crypto ecosystem.
Thielen concludes by reiterating that Bitcoin's immediate future will largely depend on institutional ETF flows. "Institutional ETF flows are driving price," he states, advocating for a focus on financial trends rather than market narratives.
Summary based on original reporting by Krisztian Sandor at CoinDesk, originally published Jun 8, 2026. SolanaWire does not republish source content.
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