Markus Thielen: Bitcoin fell below $60,000 due to ETF sell-offs

Markus Thielen from 10x Research stated that Bitcoin falling below $60,000 was mainly due to institutional selling through spot Bitcoin ETFs following the release of U.S. April inflation data. Since the publication of the April CPI report on May 12, the net redemption amount for U.S.-listed Bitcoin ETFs has reached $5.4 billion. He believes that if the May CPI inflation data released on Wednesday is higher than 4%, Bitcoin's rebound may be difficult to sustain.