Markus Thielen of 10x Research stated that Bitcoin’s drop below $60,000 was primarily due to institutional selling through spot Bitcoin ETFs following the release of April U.S. inflation data. Since the April CPI report was published on May 12, net redemptions from U.S.-listed Bitcoin ETFs have reached $5.4 billion. He believes that if the May CPI inflation data, to be released on Wednesday, exceeds 4%, any Bitcoin rebound may struggle to sustain.
Bitcoin Drops Below $60K Amid ETF Redemptions and Rising Inflation Concerns
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Summary
Bitcoin news: Bitcoin dropped below $60,000 as spot ETFs experienced $5.4 billion in redemptions following the latest inflation data. Markus Thielen noted institutional selling occurred after the April CPI report. With the May inflation data due Wednesday, a reading above 4% could hinder Bitcoin’s recovery.
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