According to 10x Research's post on X, Bitcoin's trend model has flipped bear, with Strategy's signal that it could eventually sell some of its 843,000 BTC acting as a key catalyst. The firm said that shift alone has driven $2.7 billion in Bitcoin ETF outflows since May 7, with the pace accelerating and total May outflows reaching a net $1 billion. Ethereum dominance has dropped below 10% for the first time since July 2025, while Bitcoin implied volatility sits in the 6th percentile and Ethereum volatility in the 1st percentile. 10x Research identified $76,088 as Bitcoin's critical bull/bear line, noting funding rates near zero and volume at the 12th percentile signal low conviction positioning that could break sharply in either direction. The firm's core relative-value trade remains long Bitcoin versus short Ethereum.