According to ME News, on May 18 (UTC+8), crypto research firm 10x Research reported 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 bond yields continue to rise, with the 30-year Treasury yield climbing to 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 generated a bearish signal for Ethereum, while Bitcoin is currently testing the key support level of its 30-day moving average. A confirmed break below this level could indicate further deterioration in momentum. Institutional players 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. (Source: ODAILY)
Bitcoin ETFs Experience Over $10 Billion in Outflows Following CPI Release as Inflation Concerns Resurface
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Summary
According to MetaEra, Bitcoin news reveals over $10 billion in outflows from Bitcoin ETFs following the latest inflation data release on May 13 (UTC+8). Market sentiment fell from 87% to 45%, while the 30-year U.S. Treasury yield rose to 5.12%. The inflation data has reignited concerns, pressuring the crypto market. 10x Research flagged a bearish signal for Ethereum, as Bitcoin tests its 30-day moving average. Institutional investors are monitoring key levels at $79,125 and $76,922, with the cycle’s bottom potentially in place.
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