Blame bitcoin's tumble on rising inflation, not Strategy, 10xResearch argues

The main driver behind bitcoin's weakness was ETF selling after red-hot April U.S. inflation data, 10x's Markus Thielen argued. The bounce may hinge on Wednesday's CPI data, he said. What to know : Bitcoin’s selloff below $60,000 was driven by institutional selling through spot bitcoin ETFs after reaccelerating inflation data, 10x Research's Markus Thielen argued. Since the April U.S. CPI report on May 12, U.S.-listed bitcoin ETFs saw $5.4 billion in net redemptions. Bitcoin's rebound could be short-lived if May CPI inflation data on Wednesday will come in above 4%, Thielen said.