According to 10x Research, $2.7 billion has flowed out of spot Bitcoin ETFs since May 7, indicating Bitcoin has entered a downward trend. The analysis company attributed the outflows partly to a statement from MicroStrategy founder Michael Saylor that suggested selling BTC under certain conditions, which prompted institutional investors to rebalance portfolios.
10x Research identified $76,088 as a critical technical level and noted that implied volatility in Bitcoin and Ethereum options markets remains near historically low levels, creating conditions for sharp price movements in response to minor news events.