U.S. spot Bitcoin ETFs saw $1.8B in net redemptions over six trading days in May 2026, including a $648.64 million outflow on May 18 led by BlackRock’s IBIT at $448 million. Total net assets slipped below $100.49 billion as inflation data and U.S. legislative developments weighed on risk appetite.

Wintermute said in its May 18 market update that Bitcoin's recent push higher failed its first major macro test and was driven more by leverage and short covering than sustained spot demand. The firm cited hotter inflation, higher Treasury yields, ETF outflows and renewed rate-hike pricing, noting BTC reversed after briefly topping $82,000 and ended the week near $78,000, with weekend moves toward $77,000 tied to $657 million in liquidations. Wintermute said $76,000–$78,000 is the near-term support zone, while a drop below $75,000 could put $70,000–$72,000 back in view; BTC was $77,297 at press time.

K33 Research argues the 2026 Bitcoin bear market is structurally unlike prior cycles and that February's low near $60,000 likely represents the downturn's maximum drawdown. The note highlights a 30-day average funding rate that stayed negative for 81 straight days and forecasts consolidation between $60,000 and $75,000 rather than an 80%+ style crash seen in past cycles.

BitGo Holdings said it added 776 BTC to its treasury in Q1 2026, taking its total Bitcoin position to 2,449 BTC. The quarterly update implies a prior balance of about 1,673 BTC, which the company described as a roughly 46% quarter-over-quarter increase.

A JPMorgan report says Ether and the broader altcoin market have been trailing Bitcoin for multiple years, a gap it expects to continue without a strong rebound in network activity, utility and DeFi adoption. The bank ties the divergence to the October 2025 sector deleveraging and notes spot Bitcoin ETFs recovered about two-thirds of prior outflows versus roughly one-third for spot Ether ETFs. It also flagged 2026 Ethereum upgrade plans but argued they may not spark a meaningful rise in onchain activity.

Strategy said on May 20, 2026 it plans to repurchase about $1.5 billion of its 2029 zero-coupon convertible notes at a discount, spending roughly $1.38 billion. The company listed cash, at-the-market stock sales, and potential bitcoin sales as funding sources, even as it says it aims to keep growing its long-term BTC holdings.

Truth Social, operated by Trump Media & Technology Group, submitted paperwork to pull its SEC filings for the Truth Social Bitcoin ETF and the Truth Social Bitcoin & Ethereum ETF. The company told regulators it will not pursue the public offering "at this time," while sponsor Yorkville America said the move is meant to reapply using a different securities structure. The registration statements were originally filed in June 2025.

Bitcoin failed to break above the $83,000 area and was trading around $76,750 as of Tuesday evening, down nearly 5% over the past week. Ali Martinez said BTC could rebound toward $94,850 if it stays above $72,960, but warned a break below that level could drag price toward the realized price near $54,270.