10x Research Turns Bearish on Bitcoin as Strategy Reserve Shift Fuels Market Concerns

Strategy, formerly MicroStrategy, has long accumulated large amounts of bitcoin on its corporate balance sheet and is viewed as a bellwether for institutional demand. Reports dated May 25, 2026, put its holdings at 843,000 BTC. Founder Michael Saylor's suggestion that the company could sell part of its reserves to support shareholder value has implications not only for its finances but could also amplify volatility in ETFs and bitcoin prices.

10x Research said on May 25, 2026, that its trend model had turned bearish, identifying $76,088 as that week's dividing line between bullish and bearish momentum. U.S. spot bitcoin ETFs had recorded $2.7 billion in net outflows since May 7. In a June 9 update, the firm said ETF outflows had reached $5.4 billion after the United States reported hotter-than-expected April CPI data on May 12. Strategy, by contrast, bought about $2 billion of bitcoin over the same period, suggesting inflation and interest-rate concerns were the more likely drivers.