10x Research, known for its analysis of the cryptocurrency market, announced that Bitcoin has entered a downward trend again.
The company’s assessment, published on its X platform, stated that changes in institutional investor behavior, in particular, are putting pressure on the market. According to the analysis, the recent strong outflows from spot Bitcoin ETFs indicate that investors are entering a risk-reduction phase.
According to 10x Research data, approximately $2.7 billion has flowed out of spot Bitcoin ETFs since May 7th. The company suggested that a significant reason for this movement was statements by MicroStrategy founder Michael Saylor implying that selling BTC could be considered under certain conditions. Analysts stated that this statement, in particular, led institutional investors to begin rebalancing their portfolios.
The report highlighted that macroeconomic developments are also putting pressure on Bitcoin. In particular, it noted that rising oil prices could push inflation figures higher in the coming period, potentially impacting the Federal Reserve’s interest rate policy. According to 10x Research, the bond market has begun pricing in the possibility of another Fed interest rate hike this year.
The company also noted that implied volatility in the Bitcoin and Ethereum options markets is near historically low levels. It stated that due to low trading volume and limited leverage, the markets could generate sharp price movements even in response to minor news events.
The analysis identifies the $76,088 level as a critical threshold, noting that this week’s price movements will be decisive for the short-term direction of the market.
*This is not investment advice.
