- BTC trades at $67,468, down ~6% on the day and reaches $70,000 for the first time since April
- Nearly 45% discount from October 2025 high near $128,000
- May was the worst month of the year for spot ETF inflows: ~$2.4 billion out the door
- Last week alone: Nearly $1.67 billion in outflows from cryptocurrency funds, the second-worst week of 2026, with bitcoin funds accounting for a record $1.44 billion of that.
- The strategy sold Bitcoin for the first time since 2022
- Search interest in cryptocurrencies sits at its lowest level in a year
Everything will end in 2026, except Bitcoin.
Bitcoin bulls were once the “smartest guys in the room” as prices rose increasingly high, but young people don’t see the appeal of cryptocurrencies and are instead investing in 0DTE options and AI stocks.
Who can blame them. Today, Marvell shares rose 30% after Nvidia CEO Jensen Huang said it will be the next trillion-dollar company. Day after day, one name or another jumps while Bitcoin stagnates.
Today, Bitcoin is down 4.7% to $67,068 and is trading at its lowest levels since early April, a time when stock markets were much lower. The catalyst for the latest round of sales was a $2.5 million sale from Michael Saylor at Strategy. This is more of a mechanical move due to the mechanics of preferred stocks than a view on the market, but it is a reminder that it could face a liquidity crunch if prices fall far enough.
The main problem from a price action perspective is that Bitcoin is not participating in one of the biggest bull markets ever. So, what happens when the tide turns on stocks and AI?
Bitcoin is down 23.5% year to date, and it’s not out of fear, it’s out of boredom.
Bitcoin daily
I just got back from South Africa and there was a lot of talk about cryptocurrencies there, but it was mostly about stablecoins and payments apps rather than Bitcoin. To be fair, anything within this ecosystem is positive for Bitcoin, but it’s nothing like what it was a few years ago.
Bitcoin has spent its entire life changing its shape to suit whatever moment is needed. Inflation hedging. Digital gold. Unrelated diversification. High beta indicator of risk appetite. Choose a macro environment and there was a Bitcoin presentation for it.
The problem with 2026 is that it will fail at all of these things at once, and you can watch it happen in real time.
Geopolitical risk aversion around the Strait of Hormuz, and Iran and Israel back in the headlines – classic safe haven conditions. The gold sat there steadily. Silver sat there steadily. Bitcoin fell out of bed. So much for hedging.
The real “use case” for Bitcoin was a 10x return and a price of $67k, which is not likely anymore.
Ultimately, it is usually price action that writes the narrative, not the other way around. Bitcoin could turn things around again, but I’m skeptical in the medium term. The Trump administration has been the ultimate bull case for cryptocurrencies, and returns since Election Day have now fallen to zero. Instead, the administration turned cryptocurrencies into a joke with MelaniaCoin and the like.
I also don’t like the look of the huge head and shoulders pattern that appears on the chart.
