Bitcoin’s usual May selloff ritual struck again this cycle with icy precision. Just six weeks back the asset had clawed back above 80000 and kissed a fresh multi-month high near 83000. Hopes for a summer sprint toward six figures were bubbling. 🖤
Then the rejection hit like a velvet dagger. Price has since bled beneath 60000 for the second time this month leaving holders nursing fresh scars.
Is The Coinbase Shadow The Real Culprit? 🕯️
Popular analyst Ali Martinez surfaced the Coinbase Premium gauge right as markets kissed new lows. The metric tracking Bitcoin’s price on Coinbase versus Binance has stayed crimson for the last 46 days straight. Green readings usually mean U.S. institutions are stacking aggressively on the domestic platform.
Instead the negative premium signals U.S. buying pressure has evaporated. As Martinez noted, “A negative premium means BTC is trading cheaper on Coinbase suggesting that US institutional buying pressure has dried up.”
Other Hidden Currents Stirring Trouble? 🌑
The ETF bleed is only one thread in this unraveling. Rising geopolitical fog around Middle East tensions a stronger dollar and some early holders lightening bags have also weighed in. Yet the loudest new tremor comes from Strategy’s own share discount. STRC now sits at 80 well below its 100 par value forcing higher yields and threatening the BTC accumulation flywheel. Analysts warn this setup could eventually push over 50000 Bitcoin onto the market by 2028.
Just another echo from the void by iconofsin.eth 💖
