Odaily Planet Daily reports that crypto research firm 10x Research stated that since the release of the U.S. CPI data on May 13, Bitcoin ETFs have experienced cumulative outflows exceeding $1 billion, reigniting market sentiment around inflation trades. Market sentiment indicators have dropped from 87% to 45%, while U.S. long-term treasury yields continue to rise, with the 30-year Treasury yield reaching 5.12%. Inflation has once again become the market’s focal point, significantly impacting the crypto market.
Additionally, 10x Research noted that its model has triggered a bearish signal for Ethereum, while Bitcoin is currently testing the key support of the 30-day moving average. A confirmed break below could indicate further deterioration in momentum. Institutions are closely monitoring the short-term bullish-bearish divide at $79,125 and the primary support level at $76,922, suggesting that the bottom of this cycle may have already formed.