Bitcoin’s major holders (whales 1K–10K BTC & dolphins 100–1K BTC) have halted accumulation.
Annual balance growth turned negative to flat, shifting from accumulation to mild distribution, a pattern that historically preceded sustained price weakness.
CryptoQuant warns ~40% of $BTC supply is now at a loss.
Analysts see a realistic bottom range around $55K to $60K, with absolute bottom potentially $40K to $45K
SEC approves Paxos as the first “blockchain native” clearing agency in the US.
Paxos Securities Settlement Company can now provide clearing and settlement services as a central securities depository, removing barriers for banks and brokerages building crypto infrastructure.
Marks major convergence of blockchain and traditional capital markets after 7 years of SEC work.
DxSale drained for $7.3M in BNB Chain liquidity exploit, affecting ~1,400 LPs.
Attacker exploited an old DeFi locker contract with a hidden backdoor and backdated lock, turning “locked” deposits into withdrawable balance.
Funds already moved through obfuscation infrastructure, making tracing difficult and raises fresh concerns over legacy DeFi contracts and AI powered smart contract exploits.
DeFi hacks hit $52M in May so far.
https://cointelegraph.com/news/memecoin-platform-dxsale-drained-73m-1400-lps
US spot $BTC ETFs hit a record 9 day outflow streak totaling $2.84B, surpassing the previous 8 day record from Feb 2025.
BlackRock’s IBIT led losses with ~$2.04B outflows.
Meanwhile, new HYPE ETFs attracted >$100M in inflows and XRP ETFs added ~$120M, as investors rotate from BTC/ETH into altcoin products.
$ETH ETFs also hit 13 straight days of outflows (~$694M).
https://cointelegraph.com/news/bitcoin-etfs-longest-outflow-streak-institutional-demand-cools
CFTC backs crypto perpetual futures contracts and issues advisory supporting 24/7 trading for crypto derivatives.
Agency approved perpetual futures tied to $BTC for prediction market platform Kalshi and gave Coinbase a no action position.
CFTC Chair Selig (sole commissioner under Trump) claims exclusive juridiction over prediction markets amid state lawsuits.
CME Group also announced pending 24/7 crypto futures trading.
https://cointelegraph.com/news/cftc-crypto-perpetual-contracts-trading-advisory
Swan Bitcoin CEO Cory Klippsten said:
Retail sentiment still matters for Bitcoin as ownership is still far from concentrated and “it’s not like Blackrock owns the Bitcoin, but ETFs still consume real on chain supply.
He downgraded 2026 new ATH odds to ~20–25% (from 50% earlier), citing $BTC’s 23% decline from $95K.
Crypto Fear & Greed Index at “Extreme Fear” (23).
US spot Bitcoin ETFs recorded ~$2.9B net outflows since May 15 as BTC slid ~9.5%.
https://cointelegraph.com/news/bitcoin-retail-sentiment-still-matters-says-swan-bitcoin-ceo
Crypto Update: BNB ETF Launch, BTC Outflows, ETH Bullish Case & Regulation Shake the Market
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