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The BTC market may be approaching a historical bottom, according to an analysis by crypto analyst Murphy (@Murphychen888) on X. The analysis is based on the 'short-term capital on-chain activity weight,' an on-chain indicator that reflects the proportion of recent trading activity from short-term speculation, profit-taking, and panic selling. This metric has reportedly fallen to a level seen only at bear market bottoms over the past 15 years. Murphy explained this indicates that the overheating in short-term trading has significantly subsided and that market funds are shifting toward long-term holdings. He added that the current market is likely in one of three phases: a bear market bottom, the formation of a secondary low, or a consolidation period before a bull market.

Bitwise, through its European arm, has launched and listed an exchange-traded product (ETP) on Deutsche Börse Xetra that tracks the Canton Network's native token, CC. The product, ticker BWCC, is available for trading through conventional brokerage accounts and aims to provide investors with exposure to the Canton Network and its native token.

Binance is re-entering the Philippine market under a local sandbox program, according to Cointelegraph. The exchange has partnered with BlockShoals for this purpose.

Web3 financial infrastructure platform WasabiCard announced it has officially added support for the Arbitrum network, expanding its multi-chain payment infrastructure. The integration allows users to fund their WasabiCard accounts directly on-chain from the Arbitrum network. The company said this provides a global payment experience with lower fees and higher transaction efficiency. WasabiCard added that it plans to continue expanding its multi-chain payment support to increase real-world payment use cases for stablecoins and other on-chain assets.

Iran's state broadcaster, the Islamic Republic of Iran Broadcasting (IRIB), on May 26 denied reports from some foreign media outlets that Iran and the U.S. had signed a 14-point memorandum of understanding (MOU). IRIB described the reports as "purely fabricated and baseless," according to Xinhua News Agency.

The Spot CVD chart provides an order book analysis for the BTC/USDT spot pair. The upper section shows the Volume Heatmap, while the lower section displays the Cumulative Volume Delta (CVD). - The Volume Heatmap tracks the volume of trades at specific price levels. The background color brightens when the price remains in a certain range for an extended period or experiences significant movement. These brighter areas may act as potential support or resistance levels. - The Cumulative Volume Delta (CVD) indicator represents buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. For example, the yellow line tracks orders between $100 and $1,000, while the brown line represents large orders ranging from $1 million to $10 million.

BitMEX co-founder Arthur Hayes and NEAR Protocol co-founder Illia Polosukhin have identified HYPE, NEAR, and ZEC as key assets poised to benefit from the cryptocurrency market's shift toward fundamentals. Speaking on the YouTube channel "The Rollup," Polosukhin argued that block space has become a commodity where supply greatly exceeds demand. He explained that NEAR is focusing on chain abstraction and its cross-chain transaction system, NEAR Intents, to connect all chains, assets, and users, thereby making block space fungible. Polosukhin stated that the old logic of buying with the expectation of offloading to retail investors is disappearing. He added that investment criteria have now shifted to whether an asset generates real revenue or if staking can unlock new features. He highlighted the potential of HYPE for its fee discounts and market access, ZEC for its privacy features, and NEAR for its cross-chain and computational capabilities. In the same discussion, Hayes asserted that cryptographic financial privacy will become essential in an era where AI, Big Tech, and governments can track everything. He also revealed that ZEC is his second-largest holding.

Babylon Labs has submitted a "Temp Check" proposal to the Aave governance forum to integrate native BTC as a collateral asset in Aave v4. The proposal centers on using "trust-minimized" BTC vaults, which would allow BTC to be used directly as collateral without the need for wrapped assets. Babylon stated that it expects this integration to expand Bitcoin's liquidity into the DeFi ecosystem.

According to data from Arkham, ETFs from 21Shares and Bitwise purchased a total of $68 million worth of HYPE last week. Arkham noted that ETF funds are continuously accumulating the asset, adding that it remains to be seen if this buying pressure will continue this week.

The market's expected volatility for Bitcoin has fallen to its lowest level in nine months, Bloomberg reported. The Bitcoin Volmex Implied Volatility Index dropped to 36.11 on May 25, marking its lowest point since last September. The index reflects the market's 30-day volatility forecast for Bitcoin based on real-time crypto option prices. According to the report, this trend is attributed to a sharp decline in trading volume and a shift in speculative interest from Bitcoin to other assets, which has reduced the demand for options hedging.

According to Polymarket data, the odds of Coinbase's Layer 2 network, Base, launching a token by the end of the year stand at 33%. In contrast, the probability of a token launch before June 30 is just 3%. The trading volume on this prediction market has now surpassed $6.66 million.

Digital asset investment products saw net outflows of $1.474 billion last week, marking the second consecutive week of withdrawals, CoinShares reported in its weekly fund flow report. Bitcoin products accounted for $1.315 billion of the outflows, while Ethereum products saw $222.8 million exit. CoinShares suggested that heightened geopolitical tensions related to Iran have strengthened risk-off sentiment in the market. The firm added that investor sentiment is worsening despite progress in discussions surrounding the U.S. CLARITY Act.

OKX has announced on its official website that it will delist three spot trading pairs: MAJOR/USD, MAJOR/USDT, and J/USDT. The MAJOR/USD pair will be delisted between 8:00 a.m. and 10:00 a.m. UTC on June 2. The USDT pairs are scheduled for delisting between 8:00 a.m. and 10:00 a.m. UTC on June 5.

The South Korean government has officially designated "building a digital asset ecosystem" as its 48th national objective, according to a report on the performance of its 123 national tasks released on May 26. The report highlighted several achievements since the current administration took office, including: - Allowing non-profit corporations and virtual asset exchanges to sell virtual assets in June 2025 - Initiating full-scale discussions on a basic act for digital assets in the second half of 2025 - Launching a 'Security Token Council' in March 2026 The government also added that the Security Token Act is scheduled for implementation in February 2027 and that it will pursue the establishment of a regulatory framework for stablecoins in the near future.

BIT (formerly Matrixport) analyzed on X that Bitcoin is likely to continue trading sideways in the short term due to recent large-scale outflows from spot BTC ETFs. According to BIT, the recent BTC rally has heavily relied on institutional buying from spot ETFs and Strategy (formerly MicroStrategy), but this trend has reversed as fund flows shifted from net inflows to net outflows. The net purchase volume from these ETFs and Strategy has now decreased to around $870 million. BIT forecasts that BTC will likely remain in a range-bound market until ETF fund inflows stabilize.

South Korean crypto exchange Coinone announced that it has placed Everclear (CLEAR) on its delisting watchlist. The exchange explained that the Everclear Foundation announced through its official community that it is ceasing operations for the foundation, its labs, and product development. Coinone noted that it confirmed the project is taking steps equivalent to a substantial service termination and found numerous shortcomings in its business viability, sustainability, and transparency, concluding that this could potentially harm users.

Binance announced it will delist nine spot trading pairs—APT/ETH, CTSI/BTC, DOT/ETH, FLOKI/FDUSD, MAV/USDC, S/BTC, SAGA/BTC, STEEM/BTC, and WIF/FDUSD—at 3:00 a.m. UTC on May 29.

Over the past month, 87% of all revenue distributed to cryptocurrency holders in the DeFi sector was concentrated in just 10 protocols, according to an analysis by Unfolded citing data from DefiLlama. Hyperliquid (HYPE) ranked first, distributing $53.5 million (38.4%), followed by EdgeX (EDGEX) with $23.3 million (16.7%) and Pump.fun (PUMP) with $22.9 million (16.4%). These top three projects alone accounted for 71.5% of the total, highlighting significant market concentration. Unfolded noted that Hyperliquid maintains a sustainable revenue structure, as it distributed its entire revenue to crypto holders without any incentive spending.

The number of addresses holding over 100,000 LINK has reached an all-time high of 805, Santiment reported via X. The firm noted that 100,000 LINK is currently valued at approximately $958,000 and that the number of such wallets has increased by 8.2% over the past seven weeks.

South Korean crypto exchanges Bithumb and Coinone have announced the designation of Highstreet (HIGH) for their delisting watchlists. The exchanges stated the decision was made due to the project's failure to adequately disclose material information that could significantly impact the asset's value. Additionally, a comprehensive review of the project's business progress revealed numerous shortcomings.

Bitcoin (BTC) spot trading volume has plummeted 81% since October 2025, falling to levels last seen during the 2023 bear market, according to an analysis by on-chain analyst Darkfost on X. Darkfost noted that on Binance, volume for the same period dropped from $198.6 billion to $36.4 billion, a reduction of roughly four-fifths. Volumes on Gate.io and Bybit also fell by 79.6% and 66%, respectively. He explained that monthly spot volume has not been this low since July 2023. The analyst attributed the decline to an unfavorable macro environment for the crypto market, with rising inflationary pressures and a prolonged U.S.-Iran war leading investors to favor assets like commodities and stock indices. However, Darkfost added that the drop in volume could also indicate that selling pressure is gradually being exhausted in the current correction phase. He pointed out that the 2023 bear market also experienced a sharp decline in spot volume before volatility returned, marking the start of an upward trend.

Bitcoin is decoupling from the U.S. stock market and beginning to evolve into a hybrid asset, according to an analysis by CryptoQuant contributor XWIN Japan. The contributor noted that while BTC and the S&P 500 moved in the same direction from 2020 to 2022, Bitcoin has shown significant volatility since 2025, unlike the stock index. Based on net spot purchases and ETF fund flows, BTC is now reacting more strongly to liquidity cycles and institutional demand. "This suggests that BTC is evolving from a simple risk asset into a hybrid asset that is sensitive to macro liquidity while following its own unique market structure," XWIN Japan wrote. The contributor predicted that if the Fed's monetary policy easing coincides with a weaker U.S. dollar and a resumption of ETF inflows, BTC could emerge as an alternative asset that absorbs liquidity independently, rather than simply following tech stocks.

The total market capitalization of stablecoins has surpassed $322 billion, reaching a new all-time high, CoinDesk reported. This figure now exceeds the foreign exchange reserves of 95 countries worldwide. The outlet noted that the value of stablecoins held by users outside the traditional banking system is greater than the reserves of nations including developed countries like the UK and Canada, as well as the oil-producing United Arab Emirates. CoinDesk described this trend as an indicator of how rapidly capital is shifting to digital financial rails.

On-chain analyst ZachXBT has identified an entity connected to four BSC-based projects suspected of price manipulation on centralized exchanges (CEX), including Yuldo Games (ESPORTS), which crashed 94% overnight. He stated that this entity received vested ESPORTS, RIVER, and LIGHT tokens through a Sablier vesting contract and is also linked to three LAB multisig wallet signers. ZachXBT noted that he had previously raised suspicions about price manipulation involving LAB and RIVER. He added that it would be difficult to attribute the entity's position to mere luck, given that ESPORTS plummeted 93% in a sharp overnight drop, suggesting potential insider activity. Meanwhile, suspicions of a rug pull are spreading throughout the community following the ESPORTS crash.

SmarterWebCompany, a firm listed on the London Stock Exchange, announced it has purchased an additional 10 BTC. Its total holdings now stand at 2,869 BTC.