Bitcoin's $60K Drop Driven by $5.4B ETF Redemptions Since May 12, Not Strategy Sales

According to CoinDesk, since May 12 when the U.S. released higher-than-expected April CPI data, Bitcoin's decline below $60,000 has been primarily driven by $5.4 billion in net redemptions from U.S. spot Bitcoin ETFs, according to 10x Research founder Markus Thielen. During the same period, Strategy actually purchased approximately $2 billion worth of Bitcoin, making it one of the few major institutional buyers in the market.

Thielen warned that if May CPI data released this week exceeds 4% (10x Research projects 4.3%, above the market consensus of 4.2%), Bitcoin's near-term rally could struggle to sustain as Federal Reserve rate hike expectations further pressure risk assets.