There is still no clear shift in the overall trend of spot Bitcoin ETF flows. Last week saw a small inflow, but so far it looks like a one-off after a long period of outflows.
The current market consensus is that Bitcoin is in the final stage of the bear market, although a move down to the $50,000 area is still considered possible.
Very few people are talking about another risk. If the AI-driven stock market bubble bursts, crypto could see much deeper losses as well.
For now, most analysts see that as a distant scenario. Some also believe President Trump will do everything possible to prevent a major stock market decline before the U.S. midterm elections in November.

Over the past few days, Bitcoin and Ethereum have made a solid recovery.
That said, the recent move still feels a bit overstretched, and a local pullback looks increasingly likely.
The latest rally in both Bitcoin and Ethereum happened at a very steep angle, and these are usually the areas where liquidity and liquidations tend to build up.
For now, my priority scenario is a short-term cooldown before the market decides on its next direction.
Overall, the market is starting to show the first signs of recovery, but even healthy recoveries come with corrective pullbacks along the way.

Bitcoin has closed the week below the 200-week moving average. This level has played an important role in previous market cycles and has often acted as a strong long-term support.

A similar situation happened in June 2022. Bitcoin also closed below the 200-week moving average, and the market stayed under pressure for some time before finally reaching its cycle bottom. History does not always repeat itself, but many traders are now watching this level very closely.

Galaxy CEO Mike Novogratz has joined Ripple’s CEO in blaming Strategy for Bitcoin’s recent decline. He says confidence in Michael Saylor’s BTC strategy has weakened, while the Fed’s hawkish stance continues to pressure the market. If the $60K–59K support zone fails, he believes BTC could fall to $45K

Elon Musk is preparing to launch X Money, a payment service designed to grow into a full financial platform within the X ecosystem.
The project goes beyond simple payments, aiming to combine messaging, money transfers, and asset management in one place. One of the expected features is Smart Cashtags, which could allow users to buy and sell stocks or cryptocurrencies directly from posts instead of only viewing market data.
The initial rollout is expected to focus on fiat payments, while future plans may include support for Dogecoin and other digital assets. Reports also indicate that the company has already secured money transmitter licenses in more than 40 U.S. states.
If fully implemented, X Money could evolve into a digital banking platform that connects social media, payments, investing, and financial services, while also handling transactions across Musk’s broader ecosystem, including services like Starlink and creator payments on X.

Bitcoin has now broken below the lower boundary of its recent range and is printing new local lows, reaching $58,030. The latest move has triggered another wave of long liquidations, with over $319.9 million wiped out yesterday and more than $320.9 million liquidated so far today.
In my previous market updates, I pointed out that Bitcoin was sitting right on the lower edge of the range and that a breakdown was becoming increasingly likely.
As I mentioned earlier this month, this area was always going to be a critical test. If buyers managed to defend it, we could have seen a wide summer range. But I also expected sharp downside sweeps before any sustainable recovery.
That downside move is now happening. Losing the $60,000 level opens the door to the next support zones around $56,000 and $53,000. As long as Bitcoin remains below $60,000, sellers are likely to stay in control and keep pushing the price lower.
We’re approaching the end of the first month of summer, and I still think Bitcoin has room to set lower lows before forming a stronger base. Over the coming weeks, I expect continued volatility as sellers try to trigger more liquidations and shake out weak hands before the next major cycle begins later this year.

a wallet linked to a16z has withdrawn 25,560 ETH worth approximately $42.62 million from Binance

This is why the market is interpreting the transaction as a possible Ethereum purchase.
A large amount of ETH first appeared on the exchange and was then withdrawn to a wallet associated with a16z, a pattern that is often viewed as a sign of position accumulation.
For now, this should be seen only as an indication of a possible purchase, not an officially confirmed statement from a16z.

As mentioned in my previous analysis, the charts have not been showing the kind of strength needed to support a sustained recovery. In Ethereum, price retested a major long-term level, formed a zigzag rebound structure, and has once again started to look weak.
Across the broader market, there are still no clear signs of strength. Another retest of recent lows remains a realistic scenario.
Any sloping formations tend to attract liquidity and often act as magnets for price. Most current structures remain irregular and steep, suggesting the market is still moving through a corrective phase with room for further downside.
The past week has been relatively uneventful, with no significant moves or major shifts in market structure. The overall picture remains weak, with prices slowly drifting lower.
There are still occasional trading opportunities appearing on individual assets, but no meaningful change in the broader market trend has taken place yet.

Holders of roughly 10.5 million Bitcoin ($BTC) are currently underwater, with more than half of the total BTC supply sitting below its purchase price. Crypto traders on X note that similar conditions appeared near cycle bottoms in 2015, 2018, 2020, and 2022. While this period may represent maximum pain for investors, it could also become a period of maximum opportunity.

Jaredfromsubway.eth, one of the most well-known MEV bots on Ethereum, reportedly lost over $7.5 million after an attacker exploited a weakness in its automated trading logic.
The hacker used fake tokens and liquidity pools to trick the bot into approving token spending, allowing funds to be drained. It wasn’t a phishing attack or a classic smart contract exploit.

Jaredfromsubway.eth was linked to a large share of Ethereum sandwich attacks for years. Some of the stolen funds have already been moved through Tornado Cash.