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CryptoQuant Analyst: Bitcoin Has Entered a Risk-Off Phase, ETF Demand Momentum Far Below Last Year's Peak

CryptoQuant analyst Axel Adler stated that Bitcoin has lost its structural upward momentum amid a sharp deterioration in the macroeconomic environment. This is a significant signal, suggesting the market is currently more in a "Risk-off" phase. Until its on-chain "Impulse" indicator returns above the zero line, every BTC rebound still lacks confirmation.He pointed out that the recently published fourth part of his "Decision Architecture for Bitcoin" focuses on building a macro framework based on the US Dollar Index (DXY), the 10-year US Treasury yield, and the VIX volatility index. The core argument is that not all macro fluctuations will disrupt the on-chain structure, but when macro factors truly enter "dominant mode," the market may temporarily lose upward momentum even if on-chain data is positive.Additionally, CryptoQuant added a dashboard for US spot Bitcoin ETFs this week, covering data such as weekly net inflows, cumulative flow, 30-day ETF Flow Momentum, demand changes over the past four weeks, and capital distribution among various funds. Currently, the 30-day momentum of the ETF stands at just $362.8 million, whereas this indicator reached a high of $13.21 billion in December 2024 and hit a low of -$5.36 billion in November 2025.Adler emphasized that the Coinbase Premium Index remains a crucial indicator for observing US spot demand. When the index stays consistently above zero, it indicates that US buying is still supporting the market. If it turns negative, even if BTC rises, its upward trend may lack genuine US demand support.

Former Credit Suisse Portfolio Management Head: Bitcoin Has Ended Its Longest Underperformance Period in History and Will Outperform Stocks and Bonds Again

Connors believes that persistent inflationary pressures, structurally high oil prices, and a “prolonged high-interest-rate” environment are weighing on the bond market, and Bitcoin is poised to outperform both equities and fixed-income assets. He points out that technological breakthroughs are the only way to address inflationary pressures, and AI and blockchain are increasingly becoming critical infrastructure for enterprises building decentralized systems and enabling automated transactions.

Nasdaq Bitcoin Index Options Approved by the SEC, Awaiting CFTC Exemption Before Listing and Trading

According to FinanceFeeds, the U.S. Securities and Exchange Commission (SEC) has approved Nasdaq’s listing of cash-settled Bitcoin index options on the Philadelphia Stock Exchange, with the ticker symbol QBTC. This product is a European-style option linked to the Nasdaq Bitcoin Index, which tracks 1% of the CME CF Bitcoin Real-Time Index, with reference prices updated every 200 milliseconds.

Gate Research Institute: Multi-Agent LLM Trading Framework Significantly Outperforms Buy & Hold Strategy in BTC Backtesting

Odaily Odaily News: A recent report released by Gate Research Institute, titled "Research and Backtesting Analysis of BTC Trading Framework Based on Multi-Agent LLM," points out that compared to a single LLM directly generating trading signals, the Multi-Agent LLM architecture more closely mirrors the research and investment process of real financial institutions. By leveraging collaboration and debate among analysts, researchers, traders, and risk control teams, it enhances the transparency and risk control capabilities of trading decisions. The research, based on the TradingAgents framework, constructs an AI trading system applicable to the crypto scenario for the BTC market, introducing multiple agent roles such as technical analysis, news analysis, sentiment analysis, and macro/on-chain analysis.Using BTC/USDT 1-hour data, the study conducted historical backtesting of the TradingAgents-BTC strategy. The results show that the strategy achieved a total return of +20.25% during the testing period, significantly outperforming the Buy & Hold strategy's -7.89% over the same period. Furthermore, its maximum drawdown was controlled at -17.41%, lower than the Buy & Hold's -27.06%. The research suggests that during periods of consolidation and decline, the multi-agent framework can reduce some risk exposure through Sell/Underweight and Flat states, and re-enter long positions during market rebounds, thereby improving overall risk-adjusted returns.The report indicates that the Multi-Agent LLM framework shows certain application potential in crypto trading scenarios. However, the current backtesting period covers only about three months, and 1-hour level trading may still be affected by transaction fees, slippage, and signal latency. Future work requires further validation of the strategy's stability and generalization capabilities over longer historical periods, different market conditions, and across a wider range of asset classes.

Santiment: Bitcoin ETFs saw net outflows on 9 of the past 10 days; Ethereum’s negative sentiment is at its lowest level since 2023.

Santiment released its weekly market summary, noting that Bitcoin ETFs experienced net outflows on 9 of the past 10 trading days, with Bitcoin’s current price around $77,500; it interprets this as a sign of weakening retail investor confidence. Meanwhile, Ethereum market sentiment has fallen to its lowest level since 2023, though its number of non-zero addresses stands at 192.92 million—more than three times Bitcoin’s approximately 59 million. Santiment also pointed out that the current Bitcoin bullish-to-bearish commentary ratio has risen to 2.23, the highest level within 2026; historically, such elevated sentiment often precedes short-term pullbacks.

JPMorgan's Kinexys platform has surpassed $1.5 trillion in transaction volume since its launch in 2020

JPMorgan announced its blockchain platform Kinexys has exceeded $1.5 trillion in cumulative transaction volume since its launch in 2020, processing over $2 billion in daily transaction volume.Additionally, in May 2026, JPMorgan applied to launch a tokenized Treasury fund, built using the Kinexys blockchain infrastructure, designed to meet the reserve asset requirements for stablecoin issuers under the GENIUS Act. Its Q3 2025 13F filing shows JPMorgan increased its holdings of iShares Bitcoin Trust shares by 64% to 5.28 million shares, valued at approximately $343 million.Meanwhile, Kinexys and Digital Asset plan to bring JPM Coin to the Canton Network in 2026 to enable institutional deposit token settlements on public infrastructure. (financefeeds)

Bitdeer still maintains zero holdings, selling 201.6 BTC this week

Bitdeer, a Bitcoin mining company listed on Nasdaq, released its latest Bitcoin holdings data on the X platform. For the week ending May 22, its Bitcoin mining output was 201.6 BTC, but it sold 201.6 BTC during the same period, resulting in a net increase of 0 BTC. It currently maintains zero Bitcoin holdings.

U.S. New Strategic Bitcoin Reserve Bill Removes 1 Million BTC Purchase Target, Introduces 20-Year Lockup Period

the U.S. House of Representatives has introduced a new bipartisan bill, the "American Reserve Modernization Act of 2026" (ARMA), which aims to include Bitcoin held by the U.S. government in a strategic reserve and requires a minimum 20-year lock-up period.Unlike the previously proposed BITCOIN Act, the new bill no longer requires the U.S. government to purchase 1 million BTC. Instead, it primarily incorporates Bitcoin already held or acquired in the future through means such as criminal and civil forfeitures into the reserve. Additionally, the bill will establish a separate Digital Asset Stockpile to manage non-Bitcoin crypto assets held by the federal government.According to the draft, Bitcoin entered into the strategic reserve shall not be sold, exchanged, auctioned, hypothecated, or otherwise disposed of for 20 years. After the lock-up period ends, the Secretary of the Treasury may recommend selling up to 10% of the reserve assets within any two-year period.The bill also requires the government to publish quarterly reserve proofs and conduct third-party audits of its Bitcoin holdings. Supporters argue that the U.S. should not sell strategic digital assets but should hold them long-term as part of a modernized national reserve system.

“Federal Reserve June Interest Rate Decision” Prediction Event Goes Live on HIP-4 Testnet

according to community sources, the "Federal Reserve June Interest Rate Decision" prediction event has gone live on the HIP-4 testnet.Previously, Hyperliquid’s mainnet launched HIP-4, with the first offering being a BTC daily settlement prediction market.

Bitget Releases Bitcoin Pizza Day Short Film, Using Black Humor to Flip the “Crypto Is Dead” Narrative

On Bitcoin Pizza Day 2026, Bitget launched its global brand campaign “Flip the Slice,” centered around a musical short film titled *The Infinite Flip*. With lighthearted irony, the film transforms skeptics’ voices into an integral part of community culture—carrying forward the crypto ethos and narrative tension embodied by Bitcoin Pizza Day.

Bitcoin mining company MARA Holdings spends over $869,000 on vehicle armor for executives

According to MARA Holdings' latest DEF14A compensation filing, the company paid $4.3 million for CEO Fred Thiel's personal security-related expenses under its security plan, including a one-time vehicle armor cost of $430,000 and a home security installation cost of $58,000. Meanwhile, it paid $3.946 million for CFO Salman Khan's personal security expenses, including a one-time vehicle armor cost of $438,000.MARA Holdings' board stated that due to the company's public disclosure of holding a large amount of Bitcoin assets, executives face significantly higher risks compared to those at other public companies, making these security measures commercially relevant and necessary. (FT)

Circle: Tokenized Bitcoin cirBTC, natively backed 1:1 by Bitcoin, is launching soon

Jeremy Allaire, CEO of Circle, posted on X announcing that cirBTC is即将 launched. Circle Wrapped Bitcoin (cirBTC) is a tokenized Bitcoin backed 1:1 by native Bitcoin, issued by Circle on the Ethereum mainnet and the Arc network. Each cirBTC is backed 1:1 by native Bitcoin held in custody by regulated entities within the Circle group.

US lawmaker introduces the "American Reserve Modernization Act," proposing to include Bitcoin in a strategic reserve for at least 20 years

Odaily news – U.S. Representative Nick Begich has introduced the "American Reserve Modernization Act," which has garnered support from 16 original co-sponsors.The bill proposes establishing a strategic Bitcoin reserve, consolidating digital assets held by the federal government, and locking Bitcoin as a long-term reserve asset for at least 20 years. It also calls for studying budget-neutral Bitcoin purchase strategies and preventing future administrations or Congress from liquidating the reserves in question.Reports indicate that Trump had previously established a strategic Bitcoin reserve through an executive order, and this bill aims to formalize those arrangements into law. (Bitcoin News)

Hardware wallet manufacturer Foundation closes $6.4M funding round led by Fulgur Ventures

According to The Block, Foundation, a Bitcoin hardware wallet manufacturer, has raised $6.4 million in funding. The round was led by Fulgur Ventures, with participation from Arche Capital. The company plans to accelerate its expansion from Bitcoin self-custody wallets into identity authentication, multi-factor authentication (MFA), and AI agent authorization. Following this round, Foundation’s total funding has reached $16.5 million. Meanwhile, Foundation has announced the full commercial launch of its flagship device, the Passport Prime, and opened its KeyOS platform SDK to developers. The device integrates a Bitcoin hardware wallet, FIDO security key, 2FA storage, secure vault, and 50 GB of encrypted storage.

ARK Invest: Post-Quantum Cryptography Implementation and On-Chain Deployment Should Be Separated from the Handling of Quantum-Vulnerable Tokens

Odaily reports, ARK Invest stated that the choice of implementation for post-quantum cryptography and its on-chain deployment should be kept separate from the handling of tokens that remain quantum-vulnerable. (Bitcoin News)

Exodus Resumes Accumulating BTC, ETH, and SOL in April, with Nearly $350 Million in Transaction Volume

According to GlobeNewswire, cryptocurrency wallet provider Exodus Movement released its April operational data report. After selling over 1,000 BTC from its reserves in Q1 to fund the acquisition of a payment business, the company resumed accumulating BTC, ETH, and SOL in April. Its holdings of all three assets increased compared to the end of March, standing at 629 BTC, 1,872 ETH, and 19,234 SOL. Additionally, Exodus processed $347 million in transactions in April, while its monthly active users remained stable at 1.5 million—nearly unchanged from March.

OKX Pizza Day event officially launched, multiple ways to compete for 18.88 BTC

According to official sources, the OKX Pizza Day event is now officially open, running from now until May 29 at 11:00 (UTC+8). During the event, new users who trade a cumulative volume of 100 USDT can receive a 50 USDT reward and 1 ingredient card. Meanwhile, users can also participate in various interactive activities such as BTC hash prediction and collecting ingredient cards to create a crypto pizza, sharing a prize pool of 18.88 BTC.

K33 Releases Q1 2026 Financial Results: Revenue Up 64% Year-on-Year, Net Loss Widens

According to K33’s official announcement, K33 AB (publ) released its Q1 2026 interim report on May 21, 2026. Revenue for the quarter reached 739,822 kSEK, representing a 64% year-on-year increase and a 73% sequential increase, despite an approximately 15% decline in overall spot market trading volume during the period. K33 Markets’ rolling 12-month trading volume amounted to approximately SEK 2.7 billion. Impacted by the decline in Bitcoin’s price, the quarter’s net loss widened to -35,815 kSEK (compared to -4,033 kSEK in the same period last year), with EBITDA at -6,103 kSEK. Operationally, K33 launched a crypto-asset collateralized lending service this quarter, completed a major platform upgrade with full bank integration, and expanded its Bitcoin strategic exposure through the acquisition of a 46% equity stake in Sixty Six Capital. The company stated it is prepared for MiCA compliance approval, which is expected in late Q2. Following the end of the quarter, Bitcoin’s price rebounded significantly, positively impacting the valuation of the Group’s Bitcoin exposure.

Cryptocurrency custody firm Copper is seeking to sell the company at a valuation of approximately $500 million.

According to CoinDesk, cryptocurrency custody firm Copper is seeking to sell the company at a valuation of approximately $500 million and has engaged Wall Street investment bank Cantor Fitzgerald to assist with the transaction. Copper’s core asset is its ClearLoop custody-based settlement system, which enables institutional clients to execute delivery versus payment (DvP) transactions without moving assets on-chain, effectively eliminating settlement risk. The company currently boasts over 1,000 active counterparties and processes over $50 billion in notional trading volume monthly. Copper had previously considered an IPO, but the broader crypto IPO market has entered a wait-and-see phase amid sluggish Bitcoin prices and the capital-attracting effect of the AI sector.

JUST GasFree Carnival Month Pizza Festival Special Rewards Are Live—Join Now to Compete for a Share of the Prize Pool

JUST has specially launched the GasFree Pizza Festival, with a prize pool of up to $300 USDT. From now until May 24, we warmly invite users worldwide to join this delicious “Zero-Gas” exploration journey. Participation is simple: follow @DeFi_JUST, like and retweet this post, share your GasFree address or wallet screenshot in the comments, include the hashtag #JUSTGASFREE, tag three friends, and write: “Come create your GasFree address and claim your free Bitcoin pizza rewards!”—and you’ll secure your spot to win. This event features an upgraded prize pool mechanism: the base reward starts at $100 USDT, and if participation exceeds 300 users, the prize pool instantly jumps to $300 USDT—dramatically boosting your chances! Join this vibrant celebration where “Zero-Gas” freedom meets mouthwatering rewards—and make your Pizza Day smoother and more exhilarating with GasFree!