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From Sovereign Stress to Monetary Support: Bitcoin’s Breakout Setup

Monthly Bitcoin Macro Investor – June 2026
From Sovereign Stress to Monetary Support: Bitcoin’s Breakout Setup | Bitwise

This report is for professional investors and information purposes only. Retail customers should not rely on it. Not investment advice or a personal recommendation. Cryptoassets are high risk and volatile and you may lose all capital invested. Please see full risk information at the end of this document.

  • Performance: May 2026 saw bitcoin stage a mechanical recovery above $80k before stalling at the $80k–$85k bull-bear threshold and retracing to $72k on heavy ETP outflows and a sharp sentiment reset in the second half. While near-term price action remains fragile and macro-driven, the structural backdrop continues to firm, with long-term holder supply at all-time highs and bitcoin's MVRV valuation sitting below the levels currently observed for some other hard asset alternatives, such as US large-cap tech.
  • Macro: The macro backdrop is caught between a sovereign bond market flashing red - with Japanese yields surging, a $29 trillion refinancing wall looming, and the IMF warning that markets are "less forgiving" - and resilient equities supported by strong earnings and positive growth revisions. Bitcoin may stay under pressure near-term as restrictive real yields and Strategy's STRC headwinds weigh on demand, but a Fed pause under Warsh against rising inflation, or a sovereign bond capitulation forcing central bank intervention, could prove a upside catalyst given bitcoin's perceived role as a decentralised counterparty hedge on sovereign default risk.
  • On-Chain: The market is increasingly behaving like a system in stasis despite exogenous macroeconomic pressure. Investor demand has faded across nearly every major venue, while the supply side is becoming progressively more inert as coins age into stronger, less reactive hands. This creates a narrow and fragile equilibrium where available liquidity is thin and price has become compressed around the market’s current midpoint near the $78k–$80k region. With investor attention acutely low, the market likely requires a meaningful price move to re-engage capital and define whether this range resolves into renewed upside momentum or another leg of downside discovery.

Chart of the Month

Negative real rates tend to be a tailwind for Bitcoin Bitcoin vs Real Fed Funds Target Rate YoY
Source: Bloomberg, Bitwise Europe
US Real Rates = Fed Funds Target Rate minus US CPI Inflation Rate

Performance

May 2026 was a tale of two halves for cryptoassets. The month opened with a vigorous recovery as bitcoin reclaimed the $80k mark, only to stall against a well-defined resistance cluster between $80k and $85k before sentiment and flows reversed sharply in the second half, leaving the market consolidating in a fragile but structurally constructive setup.

Early in the month, bitcoin crossed $80k for the first time since late January 2026. The move was largely mechanical, with short futures liquidations reaching approximately $42M over 24 hours and perpetual funding rates having been negative on 21 of 30 days in April, signalling excessive short positioning.

Global Bitcoin ETPs saw net inflows of +$166.5M. On-chain conditions improved meaningfully: Net Realized Profit/Loss flipped positive for the first time since late January, the sell-side risk ratio fell to its lowest level since October 2023, and long-term holders added approximately +125k BTC over the past month. The $80k–$81k zone, where the True Market Mean, short-term holder cost basis, and US spot Bitcoin ETF aggregate cost basis converge, was flagged as the critical “demarcation line” between bull and bear market.

The recovery extended further, with bitcoin outperforming both US equities and gold as major central banks kept rates unchanged despite rising inflation.

If this situation continues, it may provide a bullish macro backdrop for bitcoin as declining US real rates have historically been associated with bitcoin bull markets (Chart-of-the-month).

In mid-May, our in-house Cryptoasset Sentiment Index climbed to its highest reading in 12 months, with 13 of 15 indicators above their short-term trend, signalling stretched positioning and potential short-term buyer fatigue. CME Bitcoin Commercials Net Positioning compressed from -10.5% to -6.41% of open interest as short leverage unwound, providing a mechanical tailwind.

** The Cryptoasset Sentiment Index is a composite indicator consisting of 15 different sub-indicators covering sentiment, on-chain, derivatives, flows developments as well as sentiment in traditional financial markets. A 90-day rolling z-score is used to standardise and aggregate these sub-indicators.

Bitcoin rallied just under $83k on reports of possible progress toward a US–Iran de-escalation deal before reversing to a low of $72k. Attention also turned to the US CLARITY Act, with Polymarket odds for passage in 2026 rising to 75% ahead of the Senate Banking Committee mark-up on May 14th, a potential bullish catalyst given the prospect of greater regulatory clarity.

That constructive backdrop reversed in the second half of the month.

Bitcoin underperformed most traditional assets as global Bitcoin ETPs experienced -$1,031.8M in net outflows, and sentiment reset from elevated levels. The Cryptoasset Sentiment Index fell back to neutral after touching one of only seven extreme readings since its inception, and the Crypto Fear & Greed Index re-entered "fear" territory.

Despite the price weakness, the structural picture continued to firm: long-term holder supply reached a new all-time high at approximately 14.85M BTC (~74.3% of supply), reinforcing that "hodling" has become the dominant market mechanic, a redistribution pattern historically associated with late-stage bear markets.

Bitcoin retraced toward $72k after being rejected at the 200-day moving average near $82k, while the Digital Asset Market Clarity Act cleared the Senate Banking Committee on a 15–9 bipartisan vote.

Japanese JGB yields hit multi-decade highs, raising concerns about fiscal debt sustainability and the potential need for central bank intervention, a dynamic that could ultimately provide a tailwind for bitcoin via easier monetary conditions. Kevin Warsh, considered pro-bitcoin/pro-crypto, was also confirmed by the Senate to succeed Jerome Powell as the next Fed chair.

The month closed with bitcoin underperforming US equities while commodities sold off sharply amid signs of a renewed decline in geopolitical risks. Valuations moved to the centre of the debate, with the latest rebound in equities raising renewed concerns about a potential "bubble" in US equities.

In this context, bitcoin is still trading below its historical mean in terms of the market-value-to-realised-value (MVRV) ratio, the on-chain equivalent of a price-to-book multiple. Only 36% of bitcoin's historical MVRV observations were below the current reading, meaning bitcoin sits in the lower half of its historical distribution. By contrast, the price-to-book ratio of the NASDAQ 100 is trading near its highest level on record, with ~99% of historical observations below the current reading, one of the most extreme valuation divergences between bitcoin and US large-cap tech we have ever observed.

Bitcoin's already compressed valuations may provide some shock absorption in the event of further downside, whereas other hard asset alternatives, such as gold and US tech remain largely elevated in terms of valuations. Historically speaking, periods in which bitcoin has traded below iits mean MVRV value have tended to coincide with attractive forward returns.

Should the current concentration in US large-cap tech begin to unwind, bitcoin may stand to benefit from capital rotating out of stretched hard asset proxies into scarce, non-sovereign stores of value. That said, a potential correction in the NASDAQ 100 would most likely affect bitcoin negatively in the short term as well, given relatively high correlations.

  • Bottom Line: May 2026 saw bitcoin stage a mechanical recovery above $80k before stalling at the $80k–$85k bull-bear threshold and retracing to $72k on heavy ETP outflows and a sharp sentiment reset in the second half. While near-term price action remains fragile and macro-driven, the structural backdrop continues to firm, with long-term holder supply at all-time highs and bitcoin's MVRV valuation sitting below the levels currently observed for some other hard asset alternatives, such as US large-cap tech.
Cross Asset Performance (MtD) Cross Asset MtD Performance
Source: Bloomberg, Coinmarketcap; performances in USD except Bund Future
Cross Asset Performance (YtD) Cross Asset YtD Performance
Source: Bloomberg, Coinmarketcap; performances in USD except Bund Future

Macro Environment

The macro environment has been characterised by both bullish and bearish market signals.

While global equities have continued to make new all-time highs, sovereign bond yields have also continued to grind higher. In particular, Japanese bond yields have continued to make new record (30-year JGB yield) or multi-decade highs (10-year JGB yield) due to weak liquidity and ongoing capital flight by international investors which is evident in the continuous depreciation of the Yen.

It is quite likely that Japanese bond yields will continue to trend higher due to a combination of higher supply issuance of bonds and declining central bank (Bank of Japan) buying which remains a key risk scenario for risk assets like bitcoin in the short term.

In fact, the net supply of Japanese bonds is approaching 10% of GDP while other nation-states such as the US or UK are somewhat below that.

US, Japan & UK: sovereign bond net supply to the private sector Net Sovereign Bond Supply OE QT
Source: Bloomberg, Bitwise Europe
Net of central bank QE/QT holdings, trailing 12-month change

In this context, both the IMF and OECD have recently sounded the alarm bell on a ‘debt refinancing wall' this year.

More specifically, governments and companies are set to borrow $29 trillion from bond markets in 2026 - 17% higher than 2024, and double the amount ten years ago. 78% of OECD government borrowing in 2026 will go just to refinance existing debt. What is more is that the IMF implied that there is an elevated probability for a bond market capitulation. "Markets are becoming less forgiving" - investors are "increasingly questioning assumptions of unlimited sovereign borrowing capacity, even for large advanced economies."

This is essentially institutional language for "the bid is conditional now."

From our point-of-view, the Japanese bond market is particularly vulnerbale which is evident in the steep rise in bond yields. Moreover, the Japanese bond market is of particular importance for several reasons:

  • The Japanese JGB market is the second biggest sovereign bond market in the world after the US Treasury market (~$7.5 trillion market cap).
  • Japanese investors are the biggest holder of US Treasury bonds in large part due to the ‘Yen Carry Trade' (~$1.2 trillion in US Treasury holdings)
  • Japan has one of the highest fiscal debt-to-GDP ratios in the world (~230% of GDP)

Higher domestic bond yields in Japan make US Treasury yields and others – everything else equal – less attractive. In fact, at the time of writing this report at the end of May, 10-year Japanese bond yields are at 2.78% while Yen-hedged 10-year US Treasury yields are only at 2.19%. This relative spread is increasingly a risk for the infamous ‘Yen Carry Trade' and a may lead to a reptriation of Japanese capital from US Treasuries and other international bond markets.

30-year US Treasury yields have recently climbed to the highest level since 2007 as well and US 10-year Treasury yields are close to breaching their cycle highs (of around 5%) reached in mid-2023.

In general, sovereign risks remain relatively elevated with 10-year swap spreads – a measure of sovereign risk premia – at their highest level since the Euro crisis in 2011/12 across major sovereign bonds:

Swap spreads have increased significantly signalling increasing sovereign risks US France UK Japan 10yr Swap Spreads
Source: Bloomberg, Bitwise Europe

We think that a capitulation in the sovereign bond market may provide a significant upside catalyst for bitcoin and cryptoassets, especially if major central banks would be forced to intervene and provide liquidity to safeguard financial stability.

In this context, Japanese JGBs, UK Gilts, and French OATs appear to be most vulnerable as these government securities exhibit the lowest liquidity among major sovereign bonds.

Japanese, British, and French sovereign bonds are currently the most illiquid Govt Liquidity Index
Source: Bloomberg, Bitwise Europe; Higher values = less liquid / more illiquid

Historically speaking, although bitcoin tends to be an inferior equity risk hedge relative to gold, it has outperformed gold as US sovereign bond hedge in the past.

More specifically, from a quantiative point-of-view, bitcoin exhibits a lower historical correlation to US Treasury bonds than gold and also outperformed gold during Treasury down days, i.e. when US Treasury bonds generated a negative performance – a phenomenon we call the ‘Bitcoin-Bond-Condrum'.

Rolling correlation: 10yr UST Future Rolling Correlation 60 BTC Gold UST
Source: Bloomberg, Bitwise Europe

Moreover, bitcoin can be considered a Credit Default Swaps (CDS) on sovereign bonds since there is no central issuer and the network is decentralised.

In fact, a theoretical model first proposed by Foss (2021), suggests bitcoin's ‘fair value' is approximately ~$224k already today if adopted as "portfolio insurance" for G20 sovereign defaults. Note that this is a model-implied illustrative figure, not a price target or forecast.

Model: Bitcoin's 'fair value' as sovereign default hedge is significantly higher than today Bitcoin CDS Model Fair Value
Source: Bloomberg, Bitwise Europe br>'Fair value' based on a sovereign default model for G20 sovereigns
Greg Foss (2021); Data per 2026-05-15

Based on this model, bitcoin's ‘fair value' as a sovereign default hedge is dependent on the weighted default probability and the market cap of the ‘insured' sovereign bonds.

That said, higher bond yields and tighter financial conditions may also affect bitcoin negatively in the short-term as it affects one of the key institutional buyers – Strategy. Higher global bond yields tend to make Strategy's STRC perpetual preferred equity dividends less attractive – which has been a key engine of Strategy's most recent bitcoin purchases.

In fact, Strategy buys have accounted for almost 2/3rds of institutional demand via global treasury companies and bitcoin ETPs in 2026 so far.

More recently, STRC has been trading significantly below par which implies that Strategy either needs to raise its dividend to raise its price above par or pause further issuances of STRC and its bitcoin acquisitions until yields normalise again.

Another key development is the takeover of Kevin Warsh as new Fed governeur – he was officially sworn in on the 22nd of May 2026 to succeed Jerome Powell for a 4-year term. It is worth noting that Warsh appears to be be slightly more hawkish than than Powell based on his very latest speech at the Senate Banking Committee (see natural language analysis below).

Kevin Warsh: Hawkish vs. Dovish Tone, 2007-2026 Kevin Warsh Fed Speech Sentiment
Sources: federalreserve.gov, hoover.org, fortune.com, Bitwise Europe
Wide gaps due to scarcity of speeches
Jerome Powell: Hawkish vs. Dovish Tone, 2012-2026 Jerome Powell Fed Speech Sentiment
Sources: federalreserve.gov, Bitwise Europe

In this context, it is worth highlighting that the most recent rise in the US 10-year yield was mostly due to a rise in real expected policy rates – i.e. higher rate hike expectations.

The bulk of recent US yield increases came from rising policy rate expectations US 10yr Yield Decomposition Stacked
Source: Bloomberg, Bitwise Europe

However, as pointed out in our previous Bitcoin Macro Investor report, there is still a significant divergence between market-based inflation expectations (e.g. CPI swap rates) and commodity prices.

US 1yr CPI Swap Rate vs Commodity Inflation Index US 1yr CPI Swap vs Commodity Inflation Index
Source: Bloomberg, Bitwise Europe
*Commodity Inflation Index = Equal-weighted index of Brent and Copper

In other words, bond markets still remain somewhat complacent about inflation while the Strait of Hormuz still remains effectively closed based on real-time maratime shipping data. In this context, it is not surprising that the US's Strategic Petroleum Reserve (SPR) just experienced its biggest draw on record. This means that the supply deficit emanating from the closure continues to weigh heavily on global crude oil stockpiles.

Meanwhile, the Cleveland Fed CPI nowcast increased to 4.2% year-over-year signalling accelerating inflation dynamics in the US.

It seems as if sovereign bonds are entering a ‘perfect storm' of rising rate expectations, rising inflation expectations, and elevated sovereign risks. During this uncertain period, it is quite likely that risk assets like bitcoin may remain under pressure. However, there might be a positive catalyst for bitcoin from the monetary policy side.

Historically speaking, bitcoin tends to perform well during periods of declining real yields and tends to underperform during periods of rising real yields.

Negative real rates tend to be a tailwind for Bitcoin Bitcoin vs Real Fed Funds Target Rate YoY
Source: Bloomberg, Bitwise Europe
US Real Rates = Fed Funds Target Rate minus US CPI Inflation Rate

For instance, the bull run in 2021 was associated with declining real yields, while the bear market in 2022 was associated with rising real yields and tightening monetary policy.

In general, US real yields tend to be one of the best high-frequency indicators for the stance of monetary policy with rising real yields signalling tightening monetary policy and declining real yields signalling easing monetary policy. This is also shown in the following chart:

Monetary Policy Pricing vs US 10yr Real Yield Regimes PC2 vs Real Yield
Source: Bloomberg, Bitwise Europe

Real yields have been rather restrctive more recently which is also consistent with the ongoing consolidation in bitcoin.

That being said, if the Fed under Warsh holds rates steady due to rising sovereign risks while inflation rises, that alone could recreate a bullish macro backdrop for bitcoin due to declining real yields.

Despite all of these uncertainties surrounding sovereign bonds, equities have been doing relatively well with the S&P 500 hitting new all-time highs last month. The ongoing rally in equities is supported by rather strong earnings which also imply an ongoing recovery of the overall US economy.

US Earnings Revisions vs ISM Manufacturing Index US Earnings Revisions vs ISM Manufacturing
Source: Bloomberg, Bitwise Europe

Positive earnings revisions of the S&P 500 also imply a continuously strong ISM Manufacturing Index which may also provide a tailwind for bitcoin.

ISM Manufacturing Index vs BTC Power Law Residual Bitcoin Power Law Residual vs ISM
Source: Bloomberg, Bitwise Europe
*Vol-adjusted deviation of price vs power law model price

In this context, we are continung to observe a significant macro discount based on our model described in our previous Bitcoin Macro Investor report.

In other words, bitcoin continues to underprice current (rather positive) global growth expectations.

  • Bottom Line: The macro backdrop is caught between a sovereign bond market flashing red - with Japanese yields surging, a $29 trillion refinancing wall looming, and the IMF warning that markets are "less forgiving" - and resilient equities supported by strong earnings and positive growth revisions. Bitcoin may stay under pressure near-term as restrictive real yields and Strategy's STRC headwinds weigh on demand, but a Fed pause under Warsh against rising inflation, or a sovereign bond capitulation forcing central bank intervention, could prove a upside catalyst given bitcoin's perceived role as a decentralised counterparty hedge on sovereign default risk.

On-Chain Developments

A Digital Asset Ghost Town

Despite disorderly activity across developed sovereign debt markets, digital asset markets remain largely inert, with activity across on-chain, spot, derivatives, options, DAT, and ETF venues effectively sitting around yearly lows.

table

This broad decline in activity points to a sharp lack of investor attention toward digital assets. The macro backdrop appears to be pulling capital away from digital asset markets, leaving crypto markets unusually static.

This disengagement may also help explain why the attempted price breakout reversed over the course of the month. Without sufficient volume to support follow-through, the move struggled to sustain momentum.

Bitcoin: Global Volumes 1 Global Volumes
Source: Glassnode, Bitwise Europe | Window: 3 years

This degree of investor apathy is also evident in on-chain profit- and loss-taking dynamics. At present, combined realised profit and realised loss in BTC terms remain severely muted with only 3.3% of trading days recording a lower throughput, reinforcing the view that investors remain largely disengaged from the current market setup.

Bitcoin: Absolute Realized Profit and Loss (BTC) 2 Abs Realised ProfitLoss
Source: Glassnode, Bitwise Europe | Window: 10 years

To gauge the magnitude of investor exhaustion, we can utilise the Sell-Side Risk Ratio, which quantifies the size of liquidity flows relative to the asset's invested capital base.

At present, the ratio is sitting at generational lows, with only 0.5% of trading days recording a lower value. This creates a consistent signal across distinct market facets, each different in nature but pointing to the same conclusion. Digital asset markets remain historically illiquid, while investors display signs of extreme fatigue.

Notably, this is also visible across both Long- and Short-Term Holder variants of the sell-side risk ratio, suggesting that disengagement is not isolated to newer investors. Mature, tenured holders are also largely refusing to interact with the market, highlighting a notable synchronisation between two very different investor cohorts. Ultimately, illiquid markets create fragile backdrops, which have historically preceded sharp increases in realised volatility.

Bitcoin: Sell-Side Risk Ratio 3 Sell-Side Risk
Glassnode, Bitwise Europe

A Supply Sink

Supply and demand are two sides of the same equation. Having outlined the case for an acute collapse in investor demand, we now turn to supply-side dynamics to examine the other half of the picture.

Interestingly, the supply side is also tightening, a dynamic visible in price itself as the market becomes increasingly compressed within the prevailing range. The combination of tightening supply and weak demand is creating a fragile equilibrium in market forces.

The clearest evidence of this range acclimatisation comes from Bitcoin's 90-day trading range, which captures much of the market structure that has developed since the $60k cycle low. At present, price has traded in a tighter range on only 7.4% of days, highlighting the unusually narrow corridor that the market has been operating in

Bitcoin: 90d Price Tightness 4 90d Price Tightness
Source: Glassnode, Bitwise Europe

As investors remain inactive, coins continue to sit idle, ageing into long-term holder cohorts and becoming less likely to circulate within the current range.

Notably, LTH supply has reached an ATH of 14.9mn coins and is currently growing at 10.3x the rate of monthly new issuance, providing a useful scale comparison for the pace of supply absorption.

This suggests circulating supply is becoming increasingly constrained, as larger portions of coins move into statistically less price-sensitive ownership, with these holders, on balance, remaining unwilling to distribute within the prevailing price range.

Bitcoin: LTH Supply Storage vs Issuance 5 LTH Supply vs Issuance
Source: Glassnode, Bitwise Europe | Window: 15 years

We can assess this at a more granular level by examining the share of supply that has not moved for at least 1, 2, 3, and 5 years.

  • Supply last moved 1yr+: 60.5%
  • Supply last moved 2yr+: 48.5%
  • Supply last moved 3yr+: 42.9%
  • Supply last moved 5yr+: 33.0%

Notably, all cohorts are trending higher, further reinforcing the degree of inactivity across market participants, including holders sitting on substantial unrealised gains. Interestingly, the 5yr+ cohort is recording one of its largest 90-day increases, as coins acquired during the May 2021 Great Miner Migration, and left unspent since, are now ageing into this cohort.

Bitcoin: Supply Last Active More Than X Years (%) 6 Supply Last Active
Source: Glassnode, Bitwise Europe | Window: 5 years

Pathing Ahead

With the supply side meaningfully constrained and demand largely absent, the market remains at an important crossroads.

The macroeconomic backdrop, shaped by geopolitical shocks, rising bond yields, and elevated energy prices, continues to create uncertainty around current market dynamics. In such environments, assessing price behaviour around key levels can provide insight into whether investor confidence is returning or whether fragility and capitulation risk continue to dominate. Below are the main pricing levels we are utilising for reference.

  • True Market Mean: $78.2k, which estimates the average acquisition price of active investors by excluding supply considered lost or dormant, such as early miner and Satoshi-era coins.
  • Short-Term Holder Cost Basis: $78.1k, which represents the average purchase price of newer market entrants and has historically acted as a delineator between local bull and bear regimes.

These on-chain levels have historically represented macro and local bull-bear boundaries, respectively. At present, price has been unable to reclaim them despite repeated attempts. We can then compare them with the mean and median price of the current bear market to identify whether a broader midpoint is forming.

Bitcoin: On-Chain Momentum Levels 7 Onchain Momentum Level
Source: Glassnode, Bitwise Europe | Window: 12 months

When using the October 6th ATH as the starting point of the current bear market, both the mean and median price across the bear market sit near $85k.

Applying the same heuristic to previous bear markets shows that decisive breakouts above these levels have historically coincided with the transition into new bull market cycles.

In simple terms, several independent measures are clustering in the same area, suggesting the $78k–$85k region remains the market's current midpoint of control.

Bitcoin: Mean & Median Price Between Cycle Peaks 8 Mean and Median Price
Source: Glassnode, Bitwise Europe | 15 years

On the technical side, the 90-day, 200-day, and 365-day moving averages provide a fast-to-slow framework for assessing trend momentum.

On the downside, the 90-day moving average at $73k aligns with the breakout point from the recent uptrend.

The 200-day moving average at $80.5k aligns closely with key on-chain cost-basis levels and has regularly been employed as a broad bull-bear regime indicator by technical analysts.

Above this, the 365-day moving average at $95k marks the next major upside resistance zone.

Bitcoin: Technical Momentum Levels 9 Technical Momentum
Source: Glassnode, Bitwise Europe | Window: 12 months

Furthermore, we can use Fibonacci drawdown levels as an additional technical cross-check. Rather than introducing a separate framework, these levels help validate whether the same key zones appear through an independent price-based lens.

Using Fibonacci drawdown levels anchored from the ATH, the 23.6% retracement at $95k aligns with the initial peak of the dead-cat bounce before the market descended into the bear regime, while also sitting close to the 365-day moving average.

The 38.2% retracement at $77.1k aligns closely with the current on-chain cost-basis cluster.

On the downside, the 50% retracement at $62.4k aligns more closely with the cycle-low region, marking it as an important structural support zone.

Bitcoin: Fibonacci Retracement Levels (from ATH) 10 Fibonacci Levels
Source: Glassnode, Bitwise Europe | ATH: $124,715 | Window: 2 years

While volatility risks remain elevated, it is useful to identify the key downside reference levels that may become relevant should sentiment further deteriorate.

The Realised Price at $54.2k provides an estimate of the aggregate acquisition price across the full investor base, while the Median Realised Price at $64.3k captures the cost basis of the median holder.

Across prior late-stage bear markets, these measures have often served as important structural support zones, marking areas associated with broader market resets. Of note, the Median Realised Price was initially tagged during the February 5th capitulation. Despite this, these levels remain areas of interest, particularly with volatility so tightly coiled and the market still unable to decisively reclaim its midpoint.

Bitcoin: Realised Price and Median Realised Price 11 Realised Price  Median Realised Price
Source: Glassnode, Bitwise Europe | Window: 14 years

Across these measures, a broader map of investor sentiment begins to emerge, with price reactions around each region providing insight into prevailing supply and demand conditions. The $78k–$80k region represents the current midpoint of control. Above this, the $83k–$85k region remains the first major resistance zone, while the $95k area marks a more meaningful shift toward risk-on conditions.

On the downside, the $73k level remains important from a technical perspective, as a loss of this level could bring the cycle low back into focus. Conversely, a constructive development would be the formation of a higher low around $73k, followed by a systematic reclaim of the upside resistance levels. Each successful reclaim would likely improve confidence among buyers, gradually re-engaging liquidity and, by extension, demand into the market.

Bottom Line: The market is increasingly behaving like a system in stasis despite exogenous macroeconomic pressure. Investor demand has faded across nearly every major venue, while the supply side is becoming progressively more inert as coins age into stronger, less reactive hands. This creates a narrow and fragile equilibrium where available liquidity is thin and price has become compressed around the market's current midpoint near the $78k–$80k region. With investor attention acutely low, the market likely requires a meaningful price move to re-engage capital and define whether this range resolves into renewed upside momentum or another leg of downside discovery.

Bottom Line

  • Performance: May 2026 saw bitcoin stage a mechanical recovery above $80k before stalling at the $80k–$85k bull-bear threshold and retracing to $72k on heavy ETP outflows and a sharp sentiment reset in the second half. While near-term price action remains fragile and macro-driven, the structural backdrop continues to firm, with long-term holder supply at all-time highs and bitcoin's MVRV valuation sitting below the levels currently observed for some other hard asset alternatives, such as US large-cap tech.
  • Macro: The macro backdrop is caught between a sovereign bond market flashing red - with Japanese yields surging, a $29 trillion refinancing wall looming, and the IMF warning that markets are "less forgiving" - and resilient equities supported by strong earnings and positive growth revisions. Bitcoin may stay under pressure near-term as restrictive real yields and Strategy's STRC headwinds weigh on demand, but a Fed pause under Warsh against rising inflation, or a sovereign bond capitulation forcing central bank intervention, could prove a upside catalyst given bitcoin's perceived role as a decentralised counterparty hedge on sovereign default risk.
  • On-Chain: The market is increasingly behaving like a system in stasis despite exogenous macroeconomic pressure. Investor demand has faded across nearly every major venue, while the supply side is becoming progressively more inert as coins age into stronger, less reactive hands. This creates a narrow and fragile equilibrium where available liquidity is thin and price has become compressed around the market’s current midpoint near the $78k–$80k region. With investor attention acutely low, the market likely requires a meaningful price move to re-engage capital and define whether this range resolves into renewed upside momentum or another leg of downside discovery.

Appendix

Cryptoasset Market Overview

Bitcoin Performance Bitcoin Performance
Source: Glassnode, Bitwise Europe
Ethereum Performance Ethereum Performance
Source: Glassnode, Bitwise Europe
Ethereum vs Bitcoin Relative Performance Ethereum vs Bitcoin Performance
Source: Glassnode, Bitwise Europe
Altseason Index Altseason Index
Source: Coinmetrics, Bitwise Europe
Bitcoin vs Crypto Dispersion Index Crypto Dispersion vs Bitcoin short
Source: Glassnode, Coinmetrics, Bitwise Europe; Despersion = (1 - Average Altcoin Correlation with Bitcoin)

Cryptoassets & Macroeconomy

Macro Factor Pricing Regimes All PCs
Source: Bloomberg, Bitwise Europe
How much of Bitcoin's performance can be explained by macro factors? Regimes Rolling R2 Bitcoin short
Source: Bloomberg, Bitwise Europe

Cryptoassets & Multiasset Portfolios

Multiasset Performance with Bitcoin (BTC) Multiasset with BTC Performance Table
Source: Bloomberg, Bitwise Europe; Monthly rebalancing; Sharpe Ratio was calculated with 3M USD Cash Index as assumed risk-free rate; BTC allocation is taken out of equity allocation of 60%, bond allocation remains at 40%; Past performance not indicative of future returns.
Rolling correlation: S&P 500 Rolling Correlation 60 BTC ETH SPX
Source: Bloomberg, Bitwise Europe
Rolling correlation: Bund Future Rolling Correlation 60 BTC ETH Bund
Source: Bloomberg, Bitwise Europe
Rolling correlation: Gold Rolling Correlation 60 BTC ETH Gold
Source: Bloomberg, Bitwise Europe
Rolling correlation: Dollar Index (DXY) Rolling Correlation 60 BTC ETH DXY
Source: Bloomberg, Bitwise Europe
Cross Asset Correlation Matrix Cross Asset Correlation Matrix
Correlations of weekly returns; Source: Bloomberg, Bitwise Europe
Earliest data start: 2011-01-03; data as of 2026-05-26

Cryptoasset Valuations

Bitcoin: Composite Valuation Indicator BTC Composite Valuation Line
Source: Coinmetrics, Bitwise Europe
Bitcoin: Valuation Metrics BTC Valuation Metrics Bar
Source: Coinmetrics, Bitwise Europe

On-Chain Fundamentals

Bitcoin: Closing Price BTC Realized Cap HODL Waves
Source: Glassnode
Bitcoin's supply scarcity is more pronounsed that during the last cycle Bitcoin Supply Scarcity Dashboard
Source: Glassnode, Bitwise Europe
Bitcoin Long-term Holder (LTH) Dashboard Bitcoin LTH Dashboard
Source: Glassnode, Bitwise Europe
Bitcoin Short-term Holder (STH) Dashboard Bitcoin STH Dashboard
Source: Glassnode, Bitwise Europe
Bitcoin: Price vs Average Accumulatio Score BTC Accumulation Score vs Price
Source: Glassnode, Bitwise Europe
Bitcoin: Steady increase in scarcity will provide a tailwind for price appreciations Bitcoin BAERM Forecast narrow
Source: Coinmetrics, Bitwise Europe; @ciphernom

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Bitwise Europe GmbH, incorporated under the laws of Germany, is the issuer of the Exchange Traded Products (“ETPs”) referenced in this Document under a base prospectus and the applicable final terms, as supplemented from time to time, approved by the German Federal Financial Supervisory Authority (BaFin). The approval of the prospectus by BaFin relates solely to the completeness, coherence and comprehensibility of the prospectus in accordance with the Prospectus Regulation and does not constitute an endorsement, recommendation or assessment of the merits of the products.

Capital at risk. Cryptoassets are highly volatile and involve a high degree of risk. The value of investments in cryptoassets and crypto-linked ETPs may fluctuate significantly, and investors may lose part or all of their invested capital. No capital protection or guaranteed compensation mechanism applies in respect of market losses.

Any investment decision should be made on the basis of the relevant base prospectus, the applicable final terms and the key information document, in particular the section entitled “Risk Warning” The base prospectus, final terms and additional risk information are available at: www.bitwiseinvestments.eu

Access to certain documents may require self-certification regarding your jurisdiction and investor status and may be subject to additional disclaimers and important information.

For further details, please refer to the full disclaimer available at: www.bitwiseinvestments.eu/disclaimer

À propos de Bitwise

Bitwise est l’un des principaux gestionnaires d’actifs spécialisés dans les cryptoactifs au niveau mondial. Depuis 2017, Bitwise accompagne des milliers de conseillers financiers, de family offices et d’investisseurs institutionnels à travers le monde afin de faciliter la compréhension et l’accès aux opportunités liées aux cryptoactifs. Bitwise dispose d’une solide expérience dans la gestion d’une large gamme de solutions delta-one, indicielle et active, incluant des ETP, des ETF, des mandats de gestion dédiée, des fonds privés et des stratégies de hedge funds, aux États-Unis et en Europe.

Contact

Renseignements généraux europe@bitwiseinvestments.com
Investisseurs institutionnels clients@bitwiseinvestments.com
Demande de renseignements à la presse europe@bitwiseinvestments.com

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La diffusion des informations et des documents figurant sur ce site internet peut être soumise à des restrictions légales dans certains pays. Aucune des informations n'est destinée à être diffusée, utilisée ou dirigée vers toute personne ou entité dans une juridiction (en raison de la nationalité, du lieu de résidence, du domicile ou du siège social) où la publication, la distribution ou l'utilisation de telles informations serait contraire à la législation ou réglementation locale.
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Important Information – Please Read Before Proceeding
Avis Important

Les produits d’investissement domiciliés en Europe et présentés sur ce site sont des Exchange Traded Commodities (« ETC »), instruments financiers considérés comme des titres de créances complexes par l'Autorité des Marchés Financiers, présentant des risques difficilement compréhensibles par le grand public. À ce titre, leur distribution en France répond à des règles spécifiques. Il relève de la responsabilité des intermédiaires et investisseurs professionnels souhaitant offrir des ETCs à leurs clients de s'assurer que leur distribution auxdits clients est réalisée dans le respect de la réglementation française.

Informations Importantes

Le présent document constitue une traduction de l’exclusion de responsabilité originale rédigée en langue anglaise. En cas de divergence ou d’incohérence entre la présente traduction et la version originale anglaise, seule la version originale anglaise disponible à l’adresse bitwiseinvestments.eu/disclaimer/ fait foi et est juridiquement contraignante.

Les informations fournies dans la présente communication à caractère promotionnel sont destinées exclusivement à des fins d’information et ne constituent ni un conseil en investissement, ni une recommandation, ni une sollicitation en vue de la conclusion d’une opération.

Le présent site internet, ainsi que l’ensemble de la documentation et des autres informations fournies sur celui-ci ou par son intermédiaire (collectivement, le « Site »), sont publiés par Bitwise Europe GmbH (« BEU » ou l’« Émetteur »). Le présent Site est fourni exclusivement à des fins d’illustration, d’éducation et d’information et peut faire l’objet de modifications.

Dans la mesure où le présent Site constitue une publicité au sens de l’article 22 du Règlement (UE) 2017/1129, tel que modifié (le « Règlement Prospectus »), ou de la Regulation 3 des Public Offers and Admissions to Trading Regulations 2024, et lorsque l’offre ou l’admission à la négociation concernée est soumise à l’obligation d’établir un prospectus, le prospectus applicable a été ou sera publié et est ou sera disponible dans la section « Ressources » du site internet de Bitwise Europe à l’adresse bitwiseinvestments.eu/fr/resources/.

Bitwise Europe GmbH, Thurn- und Taxis-Platz 6, 60313 Francfort-sur-le-Main, Allemagne, immatriculée au registre du commerce du tribunal de Francfort-sur-le-Main (Amtsgericht Frankfurt am Main) sous le numéro HRB 116604, est l’émetteur des Exchange Traded Products (« ETP ») décrits dans le présent Site, émis conformément à un prospectus de base applicable approuvé par la BaFin ou, le cas échéant, par une autre autorité compétente, tel que complété le cas échéant, ainsi qu’aux conditions définitives applicables. Les conditions définitives sont publiées et déposées auprès de l’autorité compétente conformément à la réglementation applicable et ne sont pas soumises à approbation. La documentation du produit concernée indique l’autorité compétente ayant approuvé le prospectus applicable.

L’approbation d’un prospectus signifie que l’autorité compétente l’a examiné au regard des normes applicables de complétude, de compréhensibilité et de cohérence ; elle ne constitue ni une approbation ni une recommandation de l’Émetteur ou des ETP. Si vous envisagez d’investir dans des produits émis par BEU, il vous est conseillé de vérifier auprès de votre intermédiaire ou de votre banque que ces produits sont disponibles dans votre juridiction et adaptés à votre profil d’investissement. Toute décision d’investir un montant dans un ETP proposé par BEU doit tenir compte de votre situation personnelle, après avoir obtenu un conseil indépendant en matière d’investissement, fiscal et juridique.

Avant d’investir, il est recommandé de lire le prospectus de base applicable, les éventuels suppléments ainsi que les conditions définitives applicables et, en particulier, la section intitulée « Facteurs de Risque » pour plus de détails sur les risques associés à un investissement. Lorsque cela est requis, il est également recommandé de lire le document d’informations clés (KID) au titre du Règlement (UE) n° 1286/2014 (PRIIPs), le résumé du produit au titre des Consumer Composite Investments (Designated Activities) Regulations 2024 ou le document d’information équivalent applicable dans votre juridiction. Les prospectus, suppléments, conditions définitives, documents d’informations clés et autres documents réglementaires pertinents relatifs aux ETP de BEU sont disponibles électroniquement et gratuitement dans la section « Ressources » du site internet de Bitwise Europe à l’adresse bitwiseinvestments.eu/fr/resources/.

L’accès à ces documents n’est subordonné ni à l’achèvement d’une procédure d’inscription, ni à la sélection d’un pays ou d’un type d’investisseur, ni à l’acceptation des Conditions d’Utilisation du Site ou de toute clause d’exclusion de responsabilité limitant la responsabilité juridique, ni au paiement d’une redevance, conformément à l’article 21, paragraphe 4, du Règlement Prospectus ou aux Prospectus Rules du FCA Handbook. Des avertissements précisant les juridictions dans lesquelles une offre ou une admission à la négociation est réalisée peuvent être affichés en lien avec certains contenus ; il ne s’agit pas de clauses d’exclusion de responsabilité limitant la responsabilité juridique.

Toute sélection de pays ou de type d’investisseur utilisée sur le présent Site détermine le contenu marketing susceptible d’être affiché. Elle ne constitue pas en elle-même une classification réglementaire formelle de la clientèle, une évaluation du caractère approprié ou adéquat, une confirmation de l’éligibilité juridique à investir, ni un conseil en investissement.

Si Vous Vous Trouvez au Royaume-Uni, aux États-Unis ou au Canada

Les informations contenues dans le présent Site ne constituent, et ne doivent en aucun cas être interprétées comme constituant, une offre de vente ou une sollicitation d’achat de titres, ni aucune autre démarche visant à favoriser une offre publique, aux États-Unis ou au Canada, ou dans tout État, province ou territoire de ceux-ci, où ni l’Émetteur ni ses produits ne sont autorisés ou enregistrés en vue de la distribution ou de la vente et où aucun prospectus de l’Émetteur n’a été déposé auprès d’une quelconque autorité de régulation des valeurs mobilières. Ni le présent Site, ni les informations qu’il contient, ne doivent être reçus, transmis ou diffusés (directement ou indirectement) aux États-Unis.

Au Royaume-Uni, le présent Site est fourni exclusivement à des fins d’information et est en tout état de cause fourni conformément à l’exemption à l’obligation, prévue par la Section 21 du Financial Services and Markets Act 2000, selon laquelle les communications relatives à des invitations ou incitations à exercer une activité d’investissement doivent être approuvées par une personne agréée par la Financial Conduct Authority. Le présent Site s’adresse par conséquent exclusivement aux personnes relevant d’une exemption pertinente à la restriction applicable aux promotions financières prévue par le Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, telles que : les investisseurs professionnels (Article 19) ; les personnes physiques fortunées (« high net worth individuals », c’est-à-dire les personnes physiques disposant d’un revenu annuel d’au moins 100 000 £ et/ou d’un patrimoine net d’au moins 250 000 £) (Article 48) ; les sociétés fortunées, associations non constituées en société et entités similaires (Article 49) ; les investisseurs avertis (« sophisticated investors », c’est-à-dire les personnes physiques titulaires d’un certificat approprié en cours de validité attestant qu’elles disposent de connaissances suffisantes pour comprendre les risques associés au présent investissement) (Article 50) ; les investisseurs avertis autocertifiés (c’est-à-dire les personnes physiques qui : ont exercé, au cours des deux dernières années, une activité professionnelle dans le secteur du capital-investissement ou du financement des petites et moyennes entreprises ; ont été, au cours des deux dernières années, dirigeants d’une société réalisant un chiffre d’affaires annuel d’au moins 1 M £ ; ont réalisé, au cours des deux dernières années, au moins deux investissements dans une société non cotée ; ou ont été membres d’un réseau ou d’un syndicat de business angels pendant plus de six mois) (Article 50A) ; ainsi que les associations d’investisseurs fortunés ou avertis (Article 51).

Les personnes ne relevant d’aucune exemption pertinente ne doivent ni accéder au présent Site, ni s’y fier, ni agir sur son fondement ; elles doivent consulter la version du Site destinée aux investisseurs particuliers (« Private Investor »). En accédant au présent Site, vous confirmez relever d’une exemption pertinente. Ni l’Émetteur ni ses produits ne sont autorisés ou réglementés par la Financial Conduct Authority du Royaume-Uni, et le contenu de la présente promotion financière n’a pas été approuvé par une personne agréée au sens du Financial Services and Markets Act 2000. Le fait de se fier à la présente promotion financière en vue d’exercer une activité d’investissement peut exposer une personne à un risque important de perdre la totalité des biens ou autres actifs investis. Pour toute information complémentaire ou toute autre demande concernant les questions auxquelles se rapporte le présent Site, vous pouvez nous contacter à l’adresse eu-legal@bitwiseinvestments.com.

Information sur les Publications et les Réseaux Sociaux

Les communications sur les réseaux sociaux, y compris les publications sur LinkedIn et X (collectivement, les « Réseaux Sociaux »), peuvent constituer des publicités, des promotions financières ou des recommandations d’investissement au sens du Règlement (UE) n° 596/2014, du Financial Services and Markets Act 2000, ou d’autres communications réglementées, selon leur contenu et la juridiction dans laquelle elles sont diffusées. Sauf indication contraire expresse, ces communications ne sont pas destinées à constituer un conseil en investissement ni une recommandation personnalisée.

BEU met en œuvre tous les efforts raisonnables pour garantir que les informations contenues dans les documents et sur les Réseaux Sociaux sont exactes et fiables ; toutefois, des erreurs peuvent survenir. Dans la mesure permise par la réglementation applicable, les documents et supports disponibles sur les Réseaux Sociaux sont fournis sans garantie expresse ou implicite quant à leur exactitude, validité, actualité ou exhaustivité. Aucune disposition du présent paragraphe n’exclut ni ne limite une responsabilité légale ou réglementaire qui ne peut être légalement exclue ou limitée, y compris les obligations applicables aux publicités ou aux promotions financières et la responsabilité relative à un prospectus ou à toute autre information réglementaire.

Sauf approbation ou adoption expresse par Bitwise Europe, les commentaires exprimés par les membres de la communauté en ligne représentent exclusivement les opinions personnelles de ces personnes et ne sont pas approuvés par Bitwise Europe.

Risques Liés aux ETP et aux Cryptomonnaies

Un investissement dans un ETP adossé à une ou plusieurs cryptomonnaies, tel que ceux émis par BEU, dépend de la performance de la cryptomonnaie sous-jacente, déduction faite des coûts ; toutefois, il ne peut être attendu que la performance de l’ETP corresponde exactement à celle de l’actif sous-jacent. Investir dans des ETP comporte également de nombreux risques, notamment des risques de marché généraux liés au sous-jacent, des mouvements de prix défavorables, des risques de change, de liquidité, opérationnels, juridiques et réglementaires ; les investisseurs doivent être prêts à perdre tout ou partie du montant investi.

Les ETP adossés à des cryptomonnaies sont des instruments hautement volatils dont la performance est imprévisible. Les performances passées ne constituent pas un indicateur fiable des performances futures. Le prix de marché des ETP est sujet à variation et ces instruments n’offrent pas de revenu fixe. La valeur d’un ETP peut être affectée par les taux de change et l’évolution du prix de la ou des cryptomonnaies sous-jacentes. Le présent Site peut contenir des déclarations prospectives, y compris des déclarations relatives aux convictions ou aux attentes actuelles de Bitwise Europe quant à la performance de certaines classes d’actifs. Les déclarations prospectives sont soumises à certains risques, incertitudes et hypothèses, et rien ne garantit que ces déclarations se révèleront exactes ; les résultats réels pourraient différer sensiblement de ceux indiqués. Vous ne devez pas vous fier à des déclarations prospectives ou à d’autres informations similaires contenues dans le présent Site.

Les cryptomonnaies sont hautement volatiles et connues pour leurs fluctuations de prix extrêmes et rapides. Bien qu’un potentiel de gains significatifs puisse exister, vous vous exposez au risque de perdre tout ou partie du capital investi. Le prix des cryptomonnaies peut fluctuer fortement et peut être influencé, par exemple, par des événements politiques, économiques ou financiers mondiaux et régionaux, par des événements réglementaires ou des déclarations d’autorités de régulation, par des activités de négociation, de couverture ou d’autres activités menées par un large éventail d’intervenants sur le marché, par des forks des protocoles sous-jacents, ainsi que par des perturbations de l’infrastructure ou des moyens par lesquels les crypto-actifs sont produits, distribués, conservés et négociés. Les caractéristiques des cryptomonnaies et la divergence des normes réglementaires applicables créent un potentiel d’abus de marché. Le prix des cryptomonnaies peut également évoluer en fonction de la confiance changeante des investisseurs quant aux perspectives futures de cette classe d’actifs.

Pour un aperçu détaillé des risques associés aux cryptomonnaies et, en particulier, aux produits de BEU, veuillez consulter le prospectus et les conditions définitives, disponibles dans la section « Ressources » du site internet de Bitwise Europe à l’adresse bitwiseinvestments.eu/fr/resources/. Vous ne devez investir que si vous êtes en mesure de comprendre et d’évaluer les risques associés. En cas de doute quant à l’adéquation d’un investissement, il est recommandé de consulter une personne agréée spécialisée dans le conseil en investissement, y compris pour les ETP adossés à des cryptomonnaies.

Avis Important

Les produits présentés sur ce site internet ne sont ni destinés à être distribués, ni accessibles aux investisseurs non-professionnels résidant en France. Toute information figurant sur ce site est fournie à titre informatif uniquement. Pour toute information complémentaire, veuillez contacter votre conseiller financier ou votre intermédiaire habituel.