10x Research has reported a bearish shift in the Bitcoin trend model, identifying $76,088 as the critical level dividing bullish and bearish sentiment. The firm highlighted a weakening "never sell" narrative surrounding MicroStrategy, as CEO Michael Saylor suggested the possibility of selling part of its 843,000 BTC holdings. This has coincided with $2.7 billion in net outflows from Bitcoin ETFs since May 7. Additionally, Ethereum's market share has dropped below 10% for the first time since July 2025, with Bitmine shareholders facing $8 billion in losses from their Ethereum investments. 10x Research also noted that the market is underestimating inflation's impact on Bitcoin returns, with implied volatilities for both Bitcoin and Ethereum at historical lows.