CoindooOfficial

Bitcoin dropped below $70,000 this week due to an aggressive Bitcoin capital rotation, while the S&P 500 and Nasdaq 100 post fresh all-time highs almost daily.
Key Takeaways:
Bitcoin dropped to $67K while S&P 500 and Nasdaq keep setting all-time highsSpot Bitcoin ETF outflows exceeded $23 billion in recent weeks, with a single day hitting $483.8 million on June 1stStrategy sold 32 BTC to cover preferred stock dividends - 0.0038% of its total holdingsInstitutions are absorbing Bitcoin at nearly 4x the rate it is being mined, per Binance Research
Our analysis of market flows over the past two months reveals a clear correlation: as capital withdraws from the crypto market, it is being aggressively redirected into AI infrastructure giants. This shift explains the stark contrast in performance, where an aggressive sector rotation has left Bitcoin nursing a roughly 20% loss year-to-date while tech hyperscalers post near-daily highs.
The AI Capex Arms Race Is Draining Liquidity From Everywhere Else
The US technology sector has rallied 42% over the past two months – marking the largest two-month gain in 24 years and surpassing the peak momentum of the 2000 dot-com mania. Amazon, Alphabet, Meta, and Microsoft alone are projected to spend a combined $725 billion in capital expenditures on AI infrastructure this year, according to Statista.
As visualized in the macro trend data compiled by The Kobeissi Letter below, this historic surge represents the second-strongest equity rally of this century, driven entirely by concentrated institutional capital flowing into hardware and cloud hyperscalers.
https://twitter.com/KobeissiLetter/status/2061839362090762442
The problem for Bitcoin is that institutional liquidity is finite. When the choice is between a non-yielding asset sitting in a drawdown and a tech monopoly reporting explosive AI-driven revenue growth, most portfolio managers are not agonizing over the reallocation.
High interest rates compound the pressure further - when investors can lock in meaningful risk-free returns in government bonds, the hurdle rate for holding volatile assets with no yield rises considerably.
Gold has maintained a strong upward trajectory as a traditional safe haven through all of this. Bitcoin has not, increasingly behaving as a high-beta tech proxy during corrections while being left behind when equities rally on strong earnings.
A Rare Signal That Most Are Ignoring
While short-term retail sentiment remains bearish, a deeper look at underlying liquidity cycles suggests a major macro trend reversal. Alphractal's Accumulation-Distribution Cycle Index (ADCI) - a metric that filters noise by tracking whether Bitcoin is in a distribution, trend, or accumulation phase—has dropped into the low 20s. Historically, this specific zone has only been triggered three times: the 2018 macro bottom, the March 2020 liquidity crunch, and the late-2022 post-FTX capitulation. In all three instances, this structural signature preceded multi-year bull expansions, suggesting 'Smart Money' is absorbing supply while retail conviction breaks.
Bitcoin Accumulation-Distribution Cycle Index (ADCI)
[caption id="attachment_181842" align="alignnone" width="1000"]Source: Alphractal[/caption]
Quantifying the Scale of Recent ETF Outflows
The global contraction in crypto liquidity is most visible within the institutional wrapper, where total outflows across all spot Bitcoin ETFs have now officially surpassed $23 billion. This heavy drain has created a severe supply-demand mismatch that makes sustaining immediate price levels difficult. The underlying weakness quickly bled into the derivatives market, triggering a massive deleveraging event with over $1.48 billion wiped out in a single 24-hour window.
This aggressive flush has heavily impacted retail morale. On-chain sentiment mapping from Santiment Intelligenceshows that crowd sentiment has plunged into its lowest territory since April 5th. The visual snapshot below highlights a textbook transition into 'Extreme Fear' - a metric that ironically often formalizes near cycle bottoms as weak hands capitulate.
https://twitter.com/SantimentData/status/2061842515045585193
The underlying data compiled by Farside Investors highlights the absolute severity of this institutional selling pressure. On May 27 alone, net daily outflows reached a staggering $733.4 million, with BlackRock's IBIT shedding $527.8 million in a single session. This followed an earlier mass withdrawal on May 18th, which saw $648.6 million leave the market. The pattern repeated across consecutive weeks, culminating in another $483.8 million outflow on June 1st.
This systematic asset rotation alters the core technical picture. Instead of long-term spot accumulation - which typically drives sustained bull markets - institutional activity has shifted toward short-term hedging and perpetual futures positioning. The massive $1.48 billion deleveraging event recorded by CoinGlass, which included $800 million in wiped-out Bitcoin longs, reflects a market where leveraged positioning is getting aggressively unwound rather than fresh capital entering.
Previous crypto cycles relied on speculative retail capital to absorb this institutional supply. With that retail liquidity largely exhausted after months of market churn, the capital floor needed to lift Bitcoin back out of its current range is temporarily absent. Until spot buyers show up with enough conviction to reclaim the crucial $70,000 support level, the technical macro picture remains heavily constrained.
Saylor Sold. Cuban Quit. Here Is What Actually Happened.
Two high-profile names added fuel to the bearish narrative in quick succession. Mark Cuban told the Front Office Sports podcast on May 21st that he had sold most of his Bitcoin, arguing that gold's outperformance during the Iran conflict proved Bitcoin had failed as a store of value. Escalating US-Iran tensions pushed oil past $100 a barrel, sparking inflation fears that drove allocators into traditional defensive havens - and Bitcoin was not among them.
Then came the SEC filing from Strategy, disclosing that the company sold 32 Bitcoin between May 26th and May 31st at an average price of $77,135, raising $2.5 million to fund distributions on its preferred stock STRC, a perpetual preferred paying an 11.5% annual dividend. For a firm holding 843,706 BTC, the sale represents 0.0038% of total holdings. The headline that "Saylor sold Bitcoin" rattled sentiment regardless of the scale.
Not a Conviction Change - A Dividend Payment
Strategy needed cash to meet dividend obligations during a quarter when Bitcoin's price drawdown triggered a temporary net loss. Rather than diluting shareholders by issuing new equity - the outcome short sellers had been betting on - the firm trimmed a microscopic fraction of its Bitcoin position to clear the liability. Saylor has been explicit on this: proving Strategy can service obligations directly from its Bitcoin stack defeats the core bearish thesis critics have built against the company. His long-term conviction has not shifted.
Fundstrat's Tom Lee was blunt in response to Cuban, calling it a rage quit and noting that similar capitulations have historically marked cycle bottoms. "Crypto has been disappointing because crypto should move with equity markets, and it should be rallying with software," Lee said on CNBC. "Software has really started to rally big, and crypto hasn't moved." His argument is that investors abandoning the asset class now are prematurely exiting a long-term trend, not making a structurally sound call.
https://twitter.com/BitcoinNewsCom/status/2061861548893540478 (Video)
The Case That This Is Not What It Looks Like
The institutional picture is more nuanced than the outflow headlines suggest. Binance Research data shows that since the launch of spot Bitcoin ETFs, only 435,000 BTC has been mined, while institutions have absorbed 1.63 million - nearly four times the new supply. Institutional holdings now represent 12.7% of circulating supply, growing from 921,000 BTC at ETF launch to 2.56 million today. Those are not the numbers of an asset class being abandoned.
[caption id="attachment_181840" align="alignnone" width="1280"]Source: Binance Research[/caption]
The Rotation Playbook: Step Aside, Re-Enter Lower
Earlier this year, Bitcoin ETFs suffered a $4.5 billion multi-week outflow streak, only to snap back with $1.1 billion in three-day inflows the moment a technical bottom formed. Capital did not leave permanently - it stepped aside and came back at lower levels. Analysts tracking ETF behavior describe the current dynamic as macro-driven tactical rebalancing: geopolitical shocks trigger risk-off pivots, AI equity gains pull capital toward better-performing assets, and hot inflation prints trigger automated trimming of non-yielding positions. In each case, the capital remains within institutional ecosystems, waiting rather than gone.
When AI stocks eventually enter a correction phase - and a sector that has now surpassed dot-com era two-month gains is not immune to gravity, especially with most index gains concentrated in fewer than ten names - risk appetite could rotate to crypto. In previous cycles, tactical outflows have reversed when the catalyst cleared - and the institutional infrastructure now holding 12.7% of circulating supply is not the kind that exits permanently.
#bitcoin

La svendita del mercato crypto continua nella sessione del 2 giugno, con Bitcoin che scambia a $68.000, giù del 4.54% nelle ultime 24 ore e dell'11.59% sulla settimana. Ethereum si mantiene a $1.940, registrando un calo giornaliero dell'1.19% e una perdita settimanale dell'8.22%. XRP scambia a $1.23, in ribasso del 3.47% nel giorno e dell'8.29% negli ultimi sette giorni. Solana è a $77.49, giù del 2.62% in 24 ore e del 9.01% sulla settimana. BNB si distingue come l'unico outlier tra i principali, a $674.87 con un guadagno modesto dello 0.25% nel giorno e un avanzamento dell'1.96% settimanale.
Punti Chiave

L'exchange defunto ha movimentato $739 milioni in Bitcoin questa mattina. Due trasferimenti precedenti raccontano storie molto diverse su cosa potrebbe seguire.
Punti chiave:
Mt. Gox ha spostato 10.422,64 BTC del valore di $739M.
Il trasferimento di 32.371 BTC a novembre 2024 ha preceduto un guadagno del 34,66% in 7 giorni e del 49,15% in 30 giorni.
Il trasferimento di 10.608 BTC a novembre 2025 ha preceduto una diminuzione del 15,54% in 4 giorni e dell'11,44% in 31 giorni.
Bitcoin attualmente scambiato a $69.400, sotto il livello psicologico di $70.000.
Il monitoraggio della blockchain ha segnalato un movimento a flusso diviso dal patrimonio di Mt. Gox alle 04:47 UTC del 2 giugno 2026. Piuttosto che un semplice trasferimento in un'unica soluzione, i dati on-chain tracciati da Arkham Intelligence mostrano una divisione deliberata: 10.306 BTC del valore di $730,78 milioni sono stati indirizzati a un nuovo indirizzo con nessuna storia di transazioni precedenti, mentre un minore 116 BTC del valore di $8,25 milioni è andato direttamente a un noto wallet hot di Mt. Gox ed è già stato segnato come speso.

Fear and Greed hits 31 as $751 million in positions get wiped out and nearly every major asset posts losses on the day.
Key Takeaways:
Bitcoin trading at $70,651, down 3.72% in 24 hours and 7.97% on the week.$751.35M in total liquidations over 24 hours, 155,514 traders affected.Fear and Greed Index at 31, deep in Fear territory, approaching levels last seen in February.Ethereum holding just below $2,000 at $1,996, down 4.68% on the week.Hyperliquid the only major gainer, up 23.54% on the week against the broader selloff.
Bitcoin is trading at $70,651 at the time of writing, extending the decline that began yesterday when geopolitical pressure from US-Iran tensions started feeding into crypto markets. The 3.72% drop over the past 24 hours pushed price below the $71,000 level.
The weekly picture is more telling than the daily move. Bitcoin is down 7.97% over seven days, a number that reflects not just yesterday's drop but a sustained institutional exit that CoinShares reported as the largest weekly Bitcoin outflow of 2026 in its most recent data.
The Broader Market
Almost nothing escaped the selling. Ethereum is sitting just below the psychologically significant $2,000 level at $1,996, down 4.68% on the week. XRP dropped to $1.27, a 5.34% weekly loss that erases most of the gains it had accumulated through May. Solana is at $80.35, down 4.80% for the week. Cardano shed 6.44% and now trades at $0.2259. Bitcoin Cash took one of the harder hits among larger assets, falling 17.14% over seven days to $289.
Stellar was the most dramatic mover in either direction, printing a 55.75% weekly gain to $0.2311 while also dropping 12.44% in the past 24 hours, a sign of a volatile asset that spiked earlier in the week and is now pulling back sharply.
Hyperliquid stood apart from the rest of the market. HYPE is up 23.54% on the week at $74.01, making it the only asset in the top tier showing meaningful gains over the past seven days against a market that moved almost uniformly lower.
The Liquidation Data
According to CoinGlass, 155,514 traders were liquidated in the past 24 hours, with total liquidations reaching $751.35 million. Long positions took the overwhelming majority of the damage at $632.41 million, against $118.94 million in short liquidations. That ratio confirms the market was positioned for recovery or continuation higher and got caught the wrong way as price dropped instead.
The largest single liquidation order over the period was a $23.99 million BTCUSDT position on Binance. Over the past four hours alone, $184.89 million was wiped out, with $162.57 million of that from longs, suggesting the selling accelerated rather than slowed as the morning session developed.
What the Fear and Greed Index Shows
The CMC Crypto Fear and Greed Index is sitting at 31, firmly in Fear territory. Looking at the chart, the index has not been at these levels since the February 2026 crash that followed the initial US-Iran military escalation.
At that time, Fear readings in this range preceded a recovery that eventually carried Bitcoin toward its May highs. Whether the current Fear reading marks a similar inflection point could depend heavily on whether the geopolitical situation around Iran and the broader risk-off environment stabilizes or deteriorates further from here.
What the index also shows is how fast sentiment shifted. As recently as late April the index was sitting in Greed territory alongside Bitcoin's push toward $82,000. The move from Greed to Fear in five weeks reflects the speed at which the Iran-US conflict, combined with institutional outflows and diplomatic breakdown, reversed what had looked like a recovering market.
#BTC

A surprise diplomatic breakdown and a Strategy Bitcoin sale landed on the same day. The chart is now sitting on a level that has defined the market for months.
Key Takeaways:
BTC dropped to $71,738, down 2.34% on the day.Iran suspended all indirect talks with the US via mediators on June 1st.Strategy disclosed a 32 BTC sale, with proceeds used to fund preferred stock dividends.0.5 Fibonacci at $71,382 is the next critical support, now within touching distance.RSI at 31.05 is approaching oversold territory not seen since the February lows.
Two pieces of news landed on June 1st and neither was positive. The more significant was geopolitical. Iran's negotiating team announced it was suspending all indirect talks and message exchanges with the United States through mediators. According to CNBC, the decision came in protest against escalating Israeli military operations in Lebanon, which Tehran views as a violation of the fragile regional ceasefire holding since April. With peace talks frozen, the geopolitical risk that has been pressing crypto markets all week got heavier rather than lighter.
The second development was Strategy's SEC filing disclosing it had sold 32 BTC between May 26th and May 31st. The reason stated in the document was to fund preferred stock dividend distributions, a routine financial obligation rather than a conviction shift. Markets appear to have reacted to the headline rather than the detail, with any Bitcoin sale from the world's most prominent corporate accumulator generating noise disproportionate to its actual size. At 32 coins against a total holding of 843,706 BTC, the disposal was barely a rounding error on their balance sheet.
The two developments together may have pushed Bitcoin through $72,000 and down to $71,738 by mid-session, leaving it within striking distance of a level the market has been watching closely for months.
The Level That Now Matters
The 0.5 Fibonacci at $71,382 is less than $400 below current price. That level has functioned as both support and resistance repeatedly across the February to April period, making it one of the more tested zones on the daily chart. Arriving here quickly, without a meaningful bounce along the way, left fewer buyers with time to build positions around it before price touched down.
RSI at 31.05 on the main line is pressing into oversold territory. The last time it reached these levels was during the February crash, which ultimately preceded the recovery toward the May highs. Oversold RSI alone does not guarantee a bounce, but it does suggest selling pressure may be exhausting itself at current prices.
The 100 SMA at $73,213 has now flipped fully to resistance above, joining the 50 SMA at $77,259 and the 200 SMA at $79,396 in a wall of moving average resistance that price would need to work through on any recovery attempt.
If the Pressure Continues
If the Iran news keeps applying downward pressure and the 0.5 Fibonacci at $71,382 fails to hold, the next floor visible on the chart could be the 0.618 Fibonacci at $68,694. That level has not been tested since the depths of the February sell-off and reaching it from here would represent a significant further deterioration. A daily close below $71,382 could signal that the downtrend is continuing rather than pausing.
If Something Positive Emerges
Any recovery attempt faces a layered resistance problem. The first hurdle is the 0.382 Fibonacci at $74,071. Briefly touching that level would not be enough. Price would need to break above it and hold it as support across multiple sessions before the structure starts looking constructive again. Beyond $74,071, the 50 SMA at $77,259 sits as the next major ceiling. Getting back above both levels convincingly would likely require a meaningful shift in the geopolitical backdrop, not just a technical bounce from oversold RSI.
For now the market is waiting on two things: whether Iran's suspension of talks becomes a permanent breakdown or a temporary protest, and whether the 0.5 Fibonacci holds if price arrives at its door.
#BTC

Per un'azienda che ha speso anni ad acquistare Bitcoin in modo aggressivo, vendere qualsiasi quantità solleva sopracciglia. La registrazione presso la SEC spiega esattamente perché è successo.
Punti chiave
Strategia shortata 32 BTC tra il 26 e il 31 maggio a un prezzo medio di $77,135
Proventi totali di $2.5 milioni diretti interamente a finanziare i pagamenti dei dividendi delle azioni privilegiate
Strategia ha simultaneamente raccolto $128.3 milioni vendendo 801,994 azioni MSTR
Le partecipazioni totali in Bitcoin ora ammontano a 843,706 BTC a un prezzo medio di acquisto di $75,699
Il saldo della riserva in USD si attesta a $900 milioni al 31 maggio

The world's largest crypto exchange is now letting non-US users trade American stocks and ETFs. The line between crypto platforms and traditional brokerages just got thinner.
Key Takeaways:
Non-US Binance users can now trade 7,000+ US-listed stocks and ETFs.Fractional shares available from $5, zero commission with $0.35 minimum platform fee.Stocks purchasable directly with stablecoins and BNB from existing Binance balance.
Binance has crossed a line that most in the industry assumed would take years. Starting June 1st, users outside the United States can buy and sell American stocks and ETFs directly from their Binance account, the same account they already use for crypto. No separate brokerage account, no additional KYC process, no switching between apps.
The access covers more than 7,000 US-listed securities, meaning most major names a non-US investor might want exposure to are available. The entry point is low deliberately: fractional shares starting at $5 mean someone in Southeast Asia or Latin America can buy a slice of a major US company for less than the cost of a meal. That is not a trivial detail. For a large portion of Binance's global user base, accessing US equity markets previously required navigating foreign brokerage platforms with higher minimums, currency conversion friction, and unfamiliar interfaces.
The Economics of It
The fee structure positions Binance competitively against traditional brokerages. Zero commission is the headline, with a minimum platform fee of $0.35 per order, or 10 basis points for orders above $350. That pricing lands in line with what discount brokers charge globally, but with the added convenience of using an existing crypto balance including stablecoins and BNB to fund purchases directly.
Trading hours run 24 hours a day according to Binance's official statement, five days a week, which is broader than standard US market hours. That matters for users in time zones where the New York open happens at inconvenient local times.
Why This Is a Bigger Deal Than It Looks
For years the assumption in financial services was that crypto platforms and stock brokerages occupied separate worlds with separate user bases. Crypto-native users traded tokens. Traditional investors used brokerages. The two occasionally overlapped through Bitcoin ETFs or crypto-related stocks, but the infrastructure remained separate.
Binance is making a direct argument that this separation no longer makes sense. A user who already holds Bitcoin, USDT, and BNB on Binance can now add Apple, an S&P 500 ETF, or any of thousands of other US securities to the same portfolio without leaving the platform. The portfolio management problem gets simpler. The response time to market events gets faster. The friction that previously existed between asset classes largely disappears.
The more technically ambitious piece is still ahead. Binance announced bStocks, a tokenized securities product that would allow users to convert their equity holdings into on-chain representations of those stocks. The launch is planned for the coming weeks with details to follow.
The distinction matters legally and practically. bStocks are classified as certificates representing financial instruments rather than direct share ownership, meaning holders do not acquire shareholder rights in the underlying company. But the ability to move equity exposure onto a blockchain, and potentially interact with it through DeFi protocols or crypto-native tools, represents a direction the industry has been moving toward for years without a platform large enough to make it mainstream. Binance may be that platform.
#Binance

Tre settimane consecutive di deflussi, un mercato degli altcoin in caduta, e il denaro istituzionale che si ritira a un ritmo mai visto da gennaio.
Punti chiave:
$1.67B di prodotti di investimento crypto sono usciti la settimana scorsa, il secondo maggior deflusso settimanale del 2026.
I deflussi cumulativi nelle ultime tre settimane sono ora a $4.21B, AUM è sceso a $141B da $148B.
Bitcoin ha visto $1.438B in deflussi, la più grande uscita settimanale di Bitcoin del 2026.
La partecipazione agli altcoin è crollata da 11 asset con afflussi tre settimane fa a solo 5.
XRP è stato uno dei pochi punti luminosi, attirando $20.3m nonostante il selloff più ampio.

The man who inspired Bitcoin's core technology is now launching a corporate vehicle to accumulate it, and he says passive holding is not enough.
Key Takeaways:
BSTR positions itself as a direct competitor to Michael Saylor's Strategy.Back plans active fund management on top of Bitcoin holdings, not just cold storage.BSTR filing is awaiting regulatory approval, details from filed documents disclosed.
Adam Back is not a peripheral figure in Bitcoin's history. He is the inventor of Hashcash, the proof-of-work system that Satoshi Nakamoto directly cited in the Bitcoin whitepaper as the foundation for Bitcoin's mining mechanism.
Back has been involved in cryptographic research and cypherpunk circles since the 1990s, and is the CEO of Blockstream, one of the most influential Bitcoin infrastructure companies in the space. When Back speaks about Bitcoin, it carries a different weight than most people in the industry.
Back's prominence has led to persistent speculation over the years that he may be Satoshi Nakamoto himself. The theory is not without basis. His work on Hashcash predates Bitcoin, he was one of the few people Satoshi directly corresponded with before the whitepaper was published, and his technical depth aligns closely with what Satoshi demonstrated throughout Bitcoin's early development.
Back has consistently denied being Satoshi, and has done so without much elaboration, which in some corners of the internet only fueled the speculation further. What is not disputed is that whoever Satoshi is, they built Bitcoin on top of Back's work.
https://twitter.com/CryptosR_Us/status/2061112214879170935
What He Is Building
Back is now CEO of Bitcoin Standard Treasury Company (BSTR), a new company he describes as a direct competitor to Michael Saylor's Strategy, the publicly traded firm that has become synonymous with corporate Bitcoin accumulation. BSTR is co-founded with Sean Bill, who serves as Chief Investment Officer, alongside a group of early Bitcoin investors. The company has filed documents with regulators and is currently awaiting approval, meaning Back is limited to discussing only what has already been submitted publicly.
What distinguishes BSTR from most other Bitcoin treasury companies, according to Back, is the approach to managing the holdings. Most corporate treasury vehicles in this space buy Bitcoin and hold it in cold storage, relying on capital markets mechanisms, premium to NAV, share issuance, and debt instruments, to generate returns for shareholders. Back said BSTR intends to go further. "We intend to be active, to seek a return on Bitcoin using fund management strategies," he explained, describing a model that combines active management and the capital markets approach simultaneously rather than choosing one over the other.
The implication is that BSTR sees passive accumulation as leaving value on the table. Where Strategy built its reputation on disciplined, relentless buying and holding, Back is positioning BSTR as a more dynamic operation that actively works the position rather than simply sitting on it.
His View on Government Buying
Back also addressed the growing narrative around sovereign Bitcoin purchases, and his take was notably relaxed. He said he is not in a hurry for government organizations to enter the market. His reasoning was straightforward: "Everybody buys Bitcoin at the price they deserve." If governments come in late, they pay a higher price. Back is fine with that outcome.
It is a revealing comment from someone who has spent decades watching Bitcoin grow from a whitepaper concept into a global asset class. The corporate treasury demand that companies like Strategy and now BSTR represent is, in his view, one of the strongest bullish forces currently operating in the market, and that dynamic does not require government participation to continue.
#bitcoin

Un singolo upgrade ha introdotto due bug separati che si sono trasformati in tre interruzioni in 48 ore. Ecco cosa è andato storto.
Punti Chiave
Tre fermi della mainnet Sui si sono verificati tra il 28 e il 29 maggio, tutti tracciabili all'upgrade v1.72.
Un bug di caricamento del gas ha causato i fermi 1 e 2, attivati dalla nuova funzione Saldi degli Indirizzi.
La patch di emergenza ha portato un rischio noto, che si è materializzato venerdì mattina come fermo 2.
Il terzo fermo è stato causato dal non salvataggio dello stato casuale su disco durante il riavvio del validatore.
Un Upgrade, Due Bug, Tre Interruzioni

A geopolitical flare-up over the past hours hit crypto markets at a moment when Bitcoin was already sitting on thin technical support.
Key Takeaways:
BTC dropped to $72,960, down 0.67% on the day and 5% for the week.Price broke below the 100 SMA at $73,225, which held for four consecutive days.RSI at 34.49, pressing toward oversold levels last seen during the February crash.US and Iran exchanged military strikes over the weekend near the Strait of Hormuz.0.5 Fib at $71,382 is the next floor if the 100 SMA cannot be reclaimed.
Bitcoin is trading at $72,960, below the 100 SMA at $73,225. Looking at the past week, price dipped beneath this level on several occasions but recovered above it each time, with buyers stepping in before any daily candle could close below it. That pattern held until now. This morning price slipped through again, but unlike the previous dips, it has since extended lower rather than bouncing back, now sitting nearly $300 beneath the level that kept catching it.
That repeated recovery made the 100 SMA look like a reliable floor. The fact that it is now failing to produce the same bounce raises the question of whether this break is different. A daily close below $73,225 would be the confirmation. Previous sessions showed intraday breaks that did not stick. If today closes beneath it, the 100 SMA could shift from a level that kept saving price to one that now caps any recovery attempt.
RSI at 34.49 on the main line and 41.41 on the signal line is pushing into territory that has not been visited since the February crash. At those levels, selling momentum tends to exhaust itself. The last time RSI pressed this low it marked the beginning of the recovery that carried Bitcoin toward the May highs. That does not guarantee a repeat, but it does suggest the downside move may be running thin on fuel. A bounce from oversold RSI conditions without a macro catalyst could be enough to keep price above the 100 SMA on a closing basis, which is the minimum needed to keep the structure from deteriorating further.
Why This Drop Happened Today
The immediate trigger appears to be a fresh military escalation between the US and Iran that developed over the weekend. According to BBC, US Central Command confirmed it carried out what it called self-defence strikes against Iranian military sites, after a US drone was shot down over international waters. Iran's Revolutionary Guard responded by targeting an air base used by US forces in the region.
This marks the third known military exchange between the two sides in a single week, all centered around the Strait of Hormuz, one of the world's most critical oil shipping corridors. Separately, negotiations toward a broader deal collapsed over the weekend, with reports indicating President Trump requested changes to the terms before any agreement could move forward.
Markets tend to price geopolitical risk fast and sometimes overreact. The drop below $73,000 this morning looks consistent with risk-off positioning rather than a fundamental shift in crypto sentiment. That distinction matters for how the next few sessions might unfold, particularly if the diplomatic picture changes.
If the Macro Keeps Pressing
If tensions continue without any diplomatic progress, the 100 SMA may struggle to recover its role as support. A daily close below $73,225 could open the path toward the 0.5 Fibonacci at $71,382, the same level Bitcoin touched on April 13th before recovering. That zone sits close enough that it could come into play within days if selling pressure continues.
Below $71,382 the next visible reference on the chart is the 0.618 Fibonacci at $68,694, though reaching that level would require a significant further deterioration in both market sentiment and the geopolitical backdrop.
If the Geopolitical Picture Shifts
Reports over the weekend suggested both sides may be closer to an agreement than the latest military exchanges imply. If something concrete emerges, whether a ceasefire or a resumed negotiation framework, the relief could be enough to push Bitcoin back above the 100 SMA and give buyers room to build from there.
In that scenario, the first target that might come into play is the 0.382 Fibonacci at $74,071. A more definitive resolution, an actual signed agreement rather than just a pause in hostilities, could extend the move toward the 0.236 Fibonacci at $77,397 and the 50 SMA at $77,284, two levels sitting close enough together to act as a combined resistance zone.
For now, Bitcoin is sitting below a level it defended for four days, with RSI approaching oversold and a geopolitical situation that could shift the price in either direction before the daily candle closes.
#BTC

L'UE sta redigendo tasse unificate sulle crypto e sul gioco online per finanziare il suo prossimo budget. Far concordare tutti e 27 i membri è un problema completamente diverso.
Punti Chiave:
Una tassa sulle transazioni crypto dello 0,1% potrebbe generare €3-4 miliardi all'anno.
Una tassa sulle plusvalenze crypto unificata è prevista tra €1-2,4 miliardi all'anno.
Le tasse combinate sulle crypto potrebbero raggiungere €20 miliardi nel budget 2028-2034.
Un'imposta del 3% sui margini degli operatori di gioco è stimata in €1,9 miliardi all'anno.
Tutti e 27 gli stati membri devono approvare all'unanimità affinché tutto questo possa passare.

Chainlink clawed back above the 0.5 Fibonacci after a sharp drop, but the real resistance cluster is just above. Whether buyers can hold and push through decides what comes next.
Key Takeaways:
LINK reclaimed 0.5 Fib at $9.020 after dropping below it on May 28th.100 SMA at $9.226 is current battleground, sitting right at price.0.382 Fib at $9.45 has rejected price multiple times since February.50 SMA at $9.52 sits just above as the next major resistance after $9.45.Binance holds 66.4% of all exchange LINK supply, at 85.1M and drifting lower.
LINK is trading at $9.208 on the daily chart, sitting on top of two levels that matter: the 0.5 Fibonacci at $9.020 and the 100 SMA at $9.226. On May 28th, price broke below the 0.5 Fib and dropped to $8.75 before buyers stepped in. The recovery brought it back above $9.020, which LINK has now held for two consecutive days.
Holding the reclaim is one thing. Converting the 100 SMA into support is the harder ask. Price is pressing against it right now, and a daily close above $9.226 with follow-through could open the path toward the next cluster above. Until that close happens, the 100 SMA remains untested as a floor.
RSI at 43.29 on the main line and 44.15 on the signal line is neither oversold nor recovering with conviction. There is room to move either way without RSI becoming a limiting factor.
The Path Back Toward $9.45
If LINK holds above the 0.5 Fib and the 100 SMA starts acting as support, the 0.382 Fibonacci at $9.45 could come into play next. That level has been a consistent wall since February. Price approached it multiple times through March and April and got turned back each time. A clean break through $9.45 could carry more weight precisely because of how many times it has failed there before.
Just above sits the 50 SMA at $9.52, close enough to the 0.382 that both might act as a combined resistance zone. Clearing that cluster can open room toward the 0.236 Fibonacci at $9.99 and the $10 level above it.
Back to May 28th Territory
If buying pressure fades and the 100 SMA flips back to resistance, the first floor that might catch price is the 0.5 Fibonacci at $9.020. That level has just been reclaimed and could provide an initial bounce on a retest. If it fails, the next meaningful reference can be $8.75, the level where the May 28th drop was stopped. Losing both might put LINK in more difficult territory with the 0.618 Fibonacci at $8.58 as the next level below.
What the Exchange Data Adds
The on-chain chart from CryptoQuant adds context to how this chart should be read. Binance currently holds approximately 85.1M LINK, around $766M, which represents 66.4% of all LINK sitting across exchanges. That concentration means Binance alone effectively sets the supply tone for the asset. Large inflow or outflow events in the data are Binance-specific imbalances, not market-wide signals.
The reserve chart since 2022 shows a descending channel from a peak near 145M LINK down to the current 85M. The direction over time is coins leaving the platform, interrupted by periodic inflow spikes that have not changed that trend. According to CryptoQuant analysis, those inflow spikes have tended to precede weaker price closes over the following one to three days, consistent with deposits arriving ahead of sell pressure rather than accumulation.
The practical read is straightforward. Inflow bursts into Binance should not be mistaken for bullish positioning. LINK is frequently deposited then withdrawn to self-custody or rival venues shortly after, producing short-term noise over a reserve line that keeps drifting lower. The structural direction of exchange supply is outward, but short-term inflow events could still create friction against any attempted price recovery in the days immediately following.
#Chainlink

How Bitcoin reacted to the Fed's most aggressive tightening cycle in four decades depended less on the hikes themselves and more on how much the market saw them coming.
Key Takeaways
March 2022 hike: fully expected, muted reaction.June 2022: repricing from 50 to 75 bps crushed Bitcoin.Terra/LUNA collapse amplified the June 2022 crash.July–September 2022: sustained pressure, no individual surprise.Early 2023: Bitcoin rallied 21% despite two hikes.Final two hikes in 2023: Bitcoin moved just 2%.
The Federal Reserve's most aggressive tightening cycle in four decades reshaped every corner of financial markets. Between March 2022 and July 2023, the Fed raised rates 11 times, taking them from near zero to 5.25–5.50%.
Bitcoin, as one of the most volatile and sentiment-driven assets in existence, was no exception. But the reaction was rarely simple. Sometimes Bitcoin crashed hard. Sometimes it held up. Once, it actually rallied straight through a rate hike. Here is what the charts actually show, period by period.
Why Rate Hikes Usually Hurt Bitcoin
Before looking at the data, the logic is worth understanding.
When the Fed raises rates, two things happen simultaneously. Safe assets like US Treasuries start paying real yields, which pulls capital away from speculative positions. At the same time, borrowing becomes more expensive, which drains the cheap leverage that had been fueling crypto rallies. The result is less liquidity, lower risk appetite, and a stronger dollar, all of which historically pressure Bitcoin downward.
That said, markets are forward-looking. If a rate hike is fully expected, the damage is often already priced in before the announcement. The sharpest sell-offs tend to follow surprises, moments when the Fed moves faster or more aggressively than the market anticipated.
Period 1: March - May 2022
Bitcoin lost 20% over 49 days according to data from TradingView, dropping approximately $8,345 per coin, across the period covering the March and May 2022 hikes.
The March 25 bps hike was fully expected. Futures markets had it priced in well in advance, and Powell had signaled it clearly. Bitcoin's reaction to the announcement itself was muted.
The May 50 bps hike was also widely anticipated. CME FedWatch showed over 97% probability of exactly that outcome in the days before the meeting, and Powell explicitly ruled out 75 bps during the press conference. The decision was delivered exactly as expected.
And yet Bitcoin fell nearly 20% across the two-month window. The reason was not surprise. It was the cumulative weight of what the Fed was signaling. Coming off near-zero rates, the message that hikes would continue at every remaining meeting of 2022 was enough to shift institutional risk appetite significantly, even without any individual shock.
Period 2: May - June 2022
Bitcoin lost 26% over 56 days, dropping approximately $6,360 per coin, across the period covering the July and September 2022 hikes.
This is the most dramatic period in the entire dataset and the one where expectations shifted most violently in the shortest time.
Going into the June meeting, the consensus was firmly at 50 bps. Powell himself had explicitly pushed back against 75 bps at the May press conference. As recently as one week before the June decision, markets were pricing 50 bps as the base case.
Then two things happened in rapid succession. First, the May CPI report published on June 10 showed inflation accelerating to 8.6%, a fresh 40-year high. Second, a Wall Street Journal report citing Fed sources, published during the Fed's blackout period, signaled that 75 bps was actively being considered. Within days, market pricing shifted entirely: by the Monday before the meeting, futures were showing a 96% probability of 75 bps.
So the hike itself was technically priced in by Wednesday. But the speed of that repricing, from 50 to 75 bps in under a week, had already caused significant damage. The shock was not the announcement but the five-day window leading up to it.
On top of the Fed story, the Terra/LUNA ecosystem had collapsed in early May, wiping out billions in crypto market capitalization and triggering cascading liquidations across the sector. Bitcoin fell from around $38,000 to below $18,000. This period cannot be attributed to Fed policy alone. It was a simultaneous macro shock and a crypto-specific liquidity crisis.
Period 3: July - September 2022
Bitcoin lost 52% over 42 days, dropping approximately $20,268 per coin, across the period covering the June 2022 hike - the first 75 bps move since 1994.
By the time the July meeting arrived, a 75 bps hike was fully priced in. Markets had learned from June and positioned accordingly. The July decision came and went without a surprise.
The September meeting was also largely expected. With core CPI rising again in August and Fed officials making clear they were not done, CME FedWatch was showing roughly 84% odds of 75 bps going into the meeting, with a minority pricing in 100 bps. The actual 75 bps decision was in line with consensus.
Bitcoin's -26% decline across this period was not driven by individual surprises. It reflected the sustained environment of tightening: two consecutive large hikes, rising real yields, a strengthening dollar, and no visible end to the cycle. The market was slowly repricing what higher-for-longer actually meant for risk assets over time.
Period 4: October - December 2022
Bitcoin lost 22% over 42 days, dropping approximately $4,710 per coin, across the period covering the November and December 2022 hikes.
The November 75 bps hike was the fourth in a row and was expected by most economists and traders. The decision itself was not a surprise. What was less clear was the forward guidance. Powell's press conference emphasized that rates would need to stay higher for longer than markets had been hoping, which created additional downward pressure even as the size of individual hikes began to moderate.
Then, within days of the November meeting, FTX collapsed. The exchange went from apparent stability to bankruptcy in under a week, triggering contagion across the entire sector. Bitcoin, which had been attempting to hold around $20,000, fell sharply again.
The December 50 bps hike had been well telegraphed by Powell himself at a Brookings Institute speech in late November. By the time the meeting arrived, 50 bps was fully expected and Bitcoin actually saw a brief positive reaction to the announcement before resuming its broader downtrend. In this period the real shock was FTX, not the Fed.
Period 5: January - March 2023
Bitcoin lost 22% over 42 days, dropping approximately $4,710 per coin, across the period covering the November and December 2022 hikes.
Here the pattern breaks and it breaks sharply.
Both the February and March hikes were delivered exactly as expected. The March decision came in line with consensus, with the Fed raising 25 bps despite the collapse of Silicon Valley Bank in the days before the meeting. There was speculation of a pause, but Powell pressed ahead, and the crypto market reacted positively immediately after the announcement. Bitcoin briefly touched $28,850 on the day.
Bitcoin gained over 20% across the two-month window despite two rate hikes. The explanation lies in the shift in narrative rather than in any individual decision. By early 2023, markets had begun pricing in the end of the tightening cycle. The pace had dropped from 75 bps to 25 bps, language from Fed officials had softened, and the dot plot was pointing toward a peak that was now visible.
The SVB collapse added an unexpected layer. Banking sector stress prompted speculation that the Fed might be forced to pause or pivot sooner than planned, and Bitcoin, which had been crushed during the tightening cycle, began recovering partly on the narrative that the traditional banking system was the one under pressure.
When the hiking pace decelerates and the end of the cycle comes into view, the psychological shift can be as powerful as the hikes themselves.
Period 6: May - July 2023
Bitcoin lost just 2% over 84 days, dropping approximately $599 per coin, across the period covering the final two hikes of the cycle in May and July 2023.
The last leg of the hiking cycle produced almost no reaction at all. Bitcoin was essentially flat across a three-month window that included two rate increases.
Both hikes were fully anticipated. The July 2023 meeting was widely expected to be the last one in the cycle, and Powell's subsequent signals confirmed that view. With no surprise in either direction and the market already positioned for an eventual pivot, Bitcoin's near-zero move confirmed that the macro headwind had been fully absorbed.
What mattered now was not what the Fed was doing, but what it was going to do next.
What the Data Actually Shows
Across the full hiking cycle, Bitcoin's behavior followed a recognizable pattern with one important exception.
The sharpest declines came early in the cycle, when cumulative tightening was new and the scale of it was still being absorbed. The June 2022 period stands out because expectations shifted from 50 to 75 bps within days. That rapid repricing, combined with the Terra/LUNA collapse, produced the worst single-period performance of around -52%.
As the cycle matured and hikes became smaller and more predictable, Bitcoin's sensitivity declined sharply. By the final two hikes in 2023, the price barely moved. Markets had priced in the tightening path, absorbed the new rate environment, and were already looking ahead to what came next.
The one genuine exception was the early 2023 rally. When slowing pace combined with banking sector stress and growing expectations of a pivot, Bitcoin ignored the rate hikes entirely and moved higher.
The clearest lesson from the data is that surprise and pace matter more than the hike itself. Slow, expected, and well-telegraphed moves can be absorbed. Rapid repricings, even if technically priced in by the day of the decision, cannot.
#BTC

After weeks of rejection above $1.40, XRP has pulled back to a critical Fibonacci level. What happens here could set the direction for June.
Key Takeaways:
XRP trading at $1.33, sitting directly on 0.786 Fib at $1.336.RSI at 42.62, pressing toward oversold without confirming it yet.0.618 Fib at $1.381 and the 50/100 SMA cluster are next resistance if bulls hold.$1.278 stopped the May 28 drop and remains the key downside floor.Santiment recorded 25.24M XRP leaving exchanges on May 29-30 after peak inflow day.
A Level That Has Stopped Price Before
XRP is trading at $1.3357 on the daily chart, sitting directly on the 0.786 Fibonacci level ($1.336). On May 28th, sellers pushed price all the way down to $1.278 before buyers stepped in and stopped the drop. Price recovered from there, climbing back to the current area around $1.336. The 0.786 level is now the immediate test: can it hold as support, or does it flip into resistance and send price back toward that May 28th low.
The broader context adds pressure. XRP spent most of April and early May trying to break through the $1.44-$1.48 cluster, where the 0.382 and 0.236 Fibonacci levels sit alongside the 200 SMA at $1.6477. Every attempt failed. The rejection from the May highs near $1.49 brought price all the way back to where the April recovery began. The 0.786 is now the last meaningful support before that entire structure gets fully unwound.
RSI sits at 42.62 on the main line and 41.27 on the signal line. Neither is oversold yet, but both are pushing toward that territory. There is still room for a bounce from here without needing a deeper price flush first, which could work in favor of buyers if they engage at this level.
The Bullish Case
If the 0.786 holds and price begins printing daily closes above $1.336, the 0.618 Fibonacci at $1.381 could come into play next. That level sits almost exactly where the 50 SMA at $1.3952 and 100 SMA at $1.3883 are currently clustered. Getting through $1.381 would put XRP directly into that moving average resistance zone, and clearing both SMAs with conviction might open the path back toward $1.41 and the lower end of the previous rejection range.
Each level would need to hold before the next one becomes relevant. A bounce from $1.336 does not guarantee a move through $1.38, but it could set the sequence in motion.
The Bearish Case
If buyers cannot sustain the current level and the 0.786 flips from support to resistance, the next floor that might catch price is $1.278, the exact level where the May 28th drop was stopped. Losing $1.336 on a daily close could send price back there relatively quickly, given the absence of obvious support in between.
Below $1.278, the structure becomes harder to read and a move into sub-$1.30 territory cannot be ruled out.
Ali Charts and the Hourly Channel
Ali Charts is watching the same zone from a shorter timeframe. On the 1-hour chart, he identified the bottom of a rising channel at $1.34 as a potential entry area. "I'm watching the bottom of the rising channel at $1.34 as a potential buying zone for $XRP," he wrote.
https://twitter.com/alicharts/status/2060874146066698466
"If it holds, targets sit at $1.37 and $1.40." Those targets align closely with the 0.618 Fibonacci at $1.381 and the lower boundary of the prior resistance range, giving the daily and hourly setups an unusual degree of confluence at the same price zone.
What the On-Chain Data Adds
Santiment's exchange flow data adds the most important layer. On May 28th, the largest XRP exchange inflow of the year landed, with 22.80M XRP moving onto exchanges in a single day. That kind of spike typically points toward panic selling or distribution near a local low. What followed was the opposite. According to Santiment, 25.24M XRP moved back off exchanges on May 29-30, a larger volume than the inflow that came before it.
https://twitter.com/SantimentData/status/2060789011602448855
The timing is what makes it relevant. That massive inflow occurred right at the local price bottom, meaning the sellers who moved coins onto exchanges did so at the lowest price in 15 weeks. The subsequent outflow suggests those coins, or a comparable volume, were withdrawn shortly after, possibly by buyers who stepped in at the low or by the same participants pulling back from selling. XRP has recovered roughly 5% since that capitulation day, according to Santiment.
What this sequence might suggest is that the panic at the $1.278 low was a flush rather than the start of sustained distribution. Whether $1.336 now holds as a higher base could depend on whether that reading proves correct over the next few sessions.
#xrp

NEAR è schizzato, ha subito un rifiuto e ora si sta accartocciando sul livello 0.236 di Fibonacci. Un analista crypto vede un possibile fondo di mercato formarsi questo weekend e ha già piazzato la sua scommessa.
Punti chiave:
NEAR è passato da $1.30 a $2.97 in pochi giorni a fine maggio.
Il prezzo ora si sta consolidando appena sotto il Fib 0.236 a $2.47.
L'RSI è sceso da overbought a 65.10 senza crollare.
Van de Poppe ha chiuso il primo trade su NEAR a €2.25, aprendo un secondo long.
La compressione a timeframe inferiori potrebbe precedere un forte movimento direzionale.
NEAR sta scambiando intorno a $2.34 alla fine di maggio, posizionandosi sotto il livello 0.236 di Fibonacci a $2.47 dopo uno dei movimenti più netti nel settore degli altcoin questo mese. Partendo da una base intorno al livello 0.786 a $1.30, il prezzo è salito quasi del 130% in pochi giorni, toccando $2.97 prima che i venditori intervenissero. Quel livello superiore corrisponde esattamente all'estensione 0 di Fibonacci sul grafico giornaliero. Il rifiuto lì è stato pulito e veloce.

Whales stepped back, investors slipped back into loss, and funds started selling. Three separate datasets are now pointing at the same thing.
Key Takeaways:
Whale spot orders vanished after $80K rejection.aNUPL flipped red again at mid-$70Ks.Fund Holdings dropped 70K BTC since April peak.Gray dominance replaced green since May 2026.-0.15 aNUPL could confirm 2022-style capitulation.
Three Signals, One Problem
Bitcoin is sitting near $74,000 at the end of May 2026, and on the surface that looks like a market consolidating after a rough few months. The crash from $125K earlier this year, the bounce toward $90K in May, the pullback back into the $70Ks. A messy range, but nothing catastrophic. Three on-chain datasets suggest the situation may be more fragile than the price level implies. Not because any single metric is flashing red, but because all three are pointing in the same direction at the same time.
Whales Bought the Bottom. Then They Left.
The Spot Average Order Size indicator tracks who is actually executing orders in the market, separating institutional-scale buying from retail activity and neutral drift by color: green for big players, red for retail, gray for neither. Between February and April 2026, as Bitcoin climbed back from the low $60Ks toward $80K, the chart was dominated by green. Large buyers were the engine of that recovery. That phase appears to be over.
Since May, as price stalled near $80K and started rolling back, green activity has thinned out visibly. Gray has taken over. Whales are not selling aggressively, but they have stopped defending price. There may be no institutional bid propping up the current range.
This pattern has shown up before. In January 2023, heavy green concentration in the $15K-$20K zone laid the foundation for the entire bull run that followed. At the top of the last cycle, red flooded in around $90K as retail chased the peak, and a correction to the low $60Ks followed. What the indicator suggests now is that whales likely completed their accumulation at the $60K bottom and have since stepped back. The $70K-$80K range has no comparable whale support underneath it. Buying here before green re-emerges could mean entering ahead of the players who actually move markets.
The Profit Recovery Failed
The adjusted Net Unrealized Profit/Loss metric tracks the collective paper P&L of all Bitcoin holders. When positive, the market as a whole is sitting on gains. When it flips negative, more holders are underwater than not. The transition between those two states tends to carry the most actionable information.
After BTC collapsed from $125K to the low $60Ks, aNUPL went deeply negative. The May rebound toward $90K briefly pushed it back above zero, returning the broader market to aggregate profit. That recovery has now reversed. With price back in the mid-$70Ks, aNUPL has slipped below zero again. The reclaim may have failed.
What makes this specific failure worth watching is the historical context. Deep, sustained negative aNUPL readings, the kind that dragged the metric toward -0.4 during 2018 and mid-2022, have tended to mark durable cycle bottoms. The market capitulates fully, weak hands flush out, and the reset creates real accumulation conditions. The current situation looks different. This could be a fast flip: briefly green, then red again within weeks. That pattern appeared in early 2023 and late 2023, both times while the market was still finding its footing after bear market lows. In both cases, the flip preceded further volatility before a sustainable rally developed.
The risk now is that the flip deepens rather than resolves quickly. If aNUPL pushes toward -0.15 or further toward -0.35, the market could stop running the 2023 fakeout playbook and start running 2022. That distinction may become clearer over the next several weeks.
Funds Were Buying in April. They Are Selling Now.
CryptoQuant's Fund Holdings data adds institutional context to what the other two metrics are suggesting. Through April 2026, funds accumulated aggressively, pushing combined holdings up to approximately 1.37M BTC near the price peak. Since then, holdings have dropped sharply to 1.3M while price sits near $74K and continues drifting lower.
The divergence matters mechanically. Price and fund holdings tracked closely for most of the past year. When they separate, with holdings falling while price holds or slowly drops, it could indicate active selling pressure from large capital rather than passive holding. Funds may not be waiting to see what happens next. According to CryptoQuant, that selling pressure appears to be a direct contributor to suppressing recovery momentum.
This might not be accumulation being paused. It could be distribution.
What Needs to Change
Each of these three signals has its own threshold for reversal. Whale spot activity would need green density to rebuild, and historically that has tended to happen in the low-to-mid $60K range, the same zone where institutional buyers stepped in during the prior accumulation phase. Entering before that signal returns has been, across multiple cycles, a lower-probability position.
aNUPL could either hold near zero and recover quickly, which might confirm the 2023 fakeout pattern, or deepen significantly before a real bottom forms. A shallow dip could resolve faster. A deeper move toward -0.15 or below may set up a longer process before conditions reset enough for a durable rally.
Fund holdings would need to stabilize and begin climbing again before institutional tailwind returns. Right now, large capital appears to be withdrawing rather than deploying.
The bounce from the $60K bottom was real. Whales drove it, aNUPL confirmed it, and funds added to their positions through April. But follow-through to a new all-time high required those same buyers to stay engaged. They did not. The recovery stalled, the profit window closed, and distribution may have started. Whether this becomes a controlled reset toward better accumulation levels or something more disorderly could depend on how far each of these metrics deteriorates from here.
#bitcoin

Il grande denaro che ha alimentato il bull run di crypto della fine del 2025 si è ritirato bruscamente, gli afflussi di stablecoin delle balene su Binance sono scesi da $62 miliardi a $33 miliardi mensili mentre le riserve degli scambi hanno toccato nuovi minimi.
Punti chiave:
Le riserve totali di scambio di stablecoin ERC20 ammontano a $63,9 miliardi, in calo rispetto al picco di $75 miliardi di novembre 2025.
Il declino delle riserve da $75 miliardi a $63,9 miliardi segue direttamente il dimezzamento degli afflussi delle balene.
I dati recenti sui flussi netti confermano che le stablecoin continuano a lasciare gli scambi e non stanno entrando.
Senza il ritorno dell'attività delle balene, il potere d'acquisto per una forte ripresa è limitato.

Il CEO di JPMorgan dice che il Clarity Act ha seri problemi per le banche e promette di combatterlo, mentre nomina Brian Armstrong come la persona che sta spendendo centinaia di milioni per plasmare la legislazione crypto a suo modo.
Punti Chiave:
Dimon: Il Clarity Act consente rendimenti simili a depositi in stablecoin senza un equivalente controllo bancario.
Il disegno di legge è passato dalla Commissione Bancaria del Senato il 14 maggio, ma ora affronta una forte resistenza da parte di Wall Street.
Dimon chiama direttamente Brian Armstrong per aver speso centinaia di milioni per fare lobbying a Washington.
Coinbase controbatte che le banche stanno attuando una cattura normativa per proteggere i margini di interesse netti.

IBIT da solo ha perso oltre $2.3B dal 14 maggio mentre i deflussi totali degli ETF Bitcoin tra tutti i fornitori hanno raggiunto $3.7B netti nelle ultime due settimane, ecco cosa mostrano i dati giorno per giorno.
Punti Chiave
IBIT ha registrato 10 giorni consecutivi di deflussi dal 15 maggio al 29 maggio.
Il maggiore deflusso singolo di IBIT: $527.8M il 27 maggio.
Il deflusso totale del 29 maggio di $125.3M suggerisce che la pressione di vendita si sta moderando leggermente.
Due giorni di afflusso in tredici. Questa è la storia dei flussi dell'ETF Bitcoin dal 11 maggio 2026. L'intero mercato, BlackRock, Fidelity, ARK, Grayscale, Bitwise e il resto, ha registrato deflussi netti in undici dei tredici giorni di trading mostrati nei dati, con due brevi sessioni positive l'11 e il 14 maggio che non hanno cambiato la direzione generale.