Glassnode said on-chain indicators suggest speculative demand for Bitcoin exposure via traditional market vehicles is weakening, with activity falling across spot ETFs and bitcoin treasury companies. The firm cited a drop in the 30-day SMA of U.S. spot ETF volume from $4.4B per day in October 2025 to about $0.96B currently, alongside a decline in treasury-company trading from $34.2B per day in December 2025 to $17.4B now. It also noted spot demand has softened as BTC traded near $62,500 at publication time, down 22% from $80,900 a month earlier.

Bitcoin has moved out of the accumulation phase that powered its earlier-year rally and is now in a distribution regime, as investors increasingly sell into strength. The Bitfinex Alpha report links the shift to spot ETF outflows, macro headwinds, and weakening spot demand, with analysts warning that a sustained break below $60,000 could deepen downside pressure.

CryptoQuant researcher Pelinay says XRP whale transfers of over 1 million XRP into Binance have been declining since 2025 and have continued trending lower this year. The analyst argues that softer exchange inflows, alongside stronger demand, could help XRP revisit the $1.8–$2 area, even as it trades near $1.10 after dropping from the $3 region.

Glassnode says several XRP Ledger indicators have weakened, with holder profitability and transaction demand both falling from prior cycle levels. The firm reports the 90-day SMA of XRP's Realized Profit-to-Loss Ratio is down to 0.38, while the 90-day SMA of total fees dropped from 5,900 XRP in February 2025 to about 500 XRP.

CryptoQuant reported that traditional-finance perpetual futures tied to assets such as gold, silver, and oil are gaining traction on crypto exchanges, led by Gate and Binance. Gate recorded $368 billion in TradFi perp volume and Binance logged $298 billion, together making up roughly two-thirds of the year-to-date total. Meanwhile, centralized-exchange spot volume fell to $679 billion in April 2026, the lowest level since October 2023, alongside weaker perpetuals activity.

Strategy, the largest corporate Bitcoin holder, reported an unrealized loss of about $10.47 billion as its BTC holdings were valued at roughly $53.4 billion versus $63.87 billion in invested capital. The update came as Bitcoin fell to around $61,000 and the company disclosed it sold 32 BTC at an average of $77,135 per coin between May 26 and May 31, generating about $2.5 million.

Bitfinex says Bitcoin (BTC) is sliding into a "slow bleed" market phase, with distribution-led selling and softer spot and institutional demand weighing on price. In May, BTC briefly moved above $82,000 early in the month but later ended down 12.5% from its local top. The report also points to $3 billion in cumulative spot Bitcoin ETF outflows over the past three weeks as a signal of reduced conviction.

The Digital Asset Market Clarity Act (CLARITY Act) has moved out of the Senate Banking Committee, prompting crypto industry figures to weigh its potential impact on U.S. regulation. A Nexo analyst said the development coincided with BTC briefly reclaiming $82,000, while Polymarket showed a 68% chance the bill is signed into law in 2026. She added that a future Senate floor vote, rather than the committee step, could be the bigger catalyst for bitcoin.

Flare has introduced a new yield product for XRP holders with digital asset manager Monarq and vault infrastructure provider Upshift. The Monarq XRP Yield Vault (MXRPY) accepts FXRP deposits, mints MXRPY receipt tokens, and targets 3% to 4% APY with an initial 500,000 FXRP deposit cap. Capital is allocated across options strategies, basis and funding-rate arbitrage, and Flare-native XRPFi deployments, with weekly Friday withdrawals and an optional instant redemption feature.