Institutional selling via ETFs drove recent BTC dip below $60K, says 10x Research

The recent sharp drop in Bitcoin's price, which briefly fell below $60,000, was caused by institutional selling through spot exchange-traded funds (ETFs), according to an analysis from 10x Research. In a recent client note, founder Markus Thielen dismissed market speculation that selling by "Strategy" was the cause, calling it a misjudgment, CoinDesk reported. Thielen argued that the upcoming U.S. May Consumer Price Index (CPI) release on Wednesday is the key event to watch. He emphasized that ETF fund flows remain the core indicator for Bitcoin's next move, stating that investors should follow the flow of money rather than narratives.