The recent decline of Bitcoin below $60,000 has been misattributed to individual sales, particularly by Michael Saylor. According to Markus Thielen, founder of 10x Research, the real cause is the $5.4 billion in institutional selling from Bitcoin ETFs linked to rising inflation rates. Following the April Consumer Price Index (CPI) report showing a year-over-year inflation rate of 3.8%, institutional investors reassessed their risk, leading to significant ETF redemptions. Thielen highlights that the upcoming May CPI report is crucial; a reading above 4% could reinforce fears of prolonged high interest rates from the Federal Reserve, negatively impacting risk assets like Bitcoin. Conversely, a lower-than-expected CPI could spark a relief rally. However, Thielen warns that any short-term bounce may not indicate a sustained recovery, as broader market trends show substantial outflows from stablecoins and reduced Bitcoin futures open interest. Understanding the underlying inflation-driven dynamics is essential for anticipating future market movements.