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Bottom Building in Progress Bitcoin remains in deep value after five months below key investor cost bases. LTH capitulation has peaked at $280M/day while ETF flows stay net negative. Derivatives lean cautiously long, but the options surface still prices downside. The bottoming process is advancing, not yet complete. Read the full Week On-Chain👇 glassno.de/4p73wZy

40% of Altcoins Are Trading Around Their All-Time Low “The altcoin market has now reached an extreme level of underperformance… It’s now essential to carefully select the projects you choose to be exposed to, and stay highly selective.” – By @Darkfost_Coc

Without question $BTC is in the final stages of forming a bottom. We're printing identical structure to what we saw in 2022. This is the final meaningful leg to the downside. Any further deviation lower is likely to be manipulation before expansion.

I did not always believe in the four year cycle for Bitcoin. I used to think it was silly, and that the market had to be more complicated than that. But then the market proved me wrong. So I admitted I was wrong, learned from my mistakes, and became a better investor. This cycle, a lot of new Bitcoiners faded the four year cycle and relentlessly mocked anyone calling for the bear market. For many of them, instead of recognizing they were wrong, they continue to laugh at anyone willing to discuss the simplicity of the four year cycle. They are likely doomed to repeat the same mistakes in the future, since their ego gets in the way of them being able to admit that they were wrong.

The dorito indicator has flashed 👀 This powerful signal does not come around very often, but when it does, the bottom tends to be close, or already in. Pair that with the weekly RSI bullish divergence forming - and suddenly DCA-ing here doesn't look that silly anymore. $BTC

🚨BITCOIN LONG-TERM HOLDERS NOW CONTROL RECORD 79% OF SUPPLY! Bitcoin long-term holders have reached a new all-time high, owning 79% of all circulating $BTC, according to K33 Research. A strong signal of sustained accumulation.

It's official. MicroStrategy, $MSTR, is now facing its biggest unrealized loss in history, at -$10.8 billion. In other words, after 6 years of buying Bitcoin, the company is now down -17% on its position. By comparison, the S&P 500 is up +116% over this same timeframe. Since MicroStrategy sold 32 Bitcoin at $77,135 per coin, their positions has lost -$11.8 billion in value. This puts MicroStrategy's stock, $MSTR, down -77% since its record high. Bear market is an understatement.

BREAKING: 🇺🇸 Senate Banking Committee PASSES the Clarity Act in 15-9 vote. The bill now goes to the full Senate.

#Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.

💥 Bitcoin Open Interest sees Biggest increase of 2026, surpassing the 2025 ATHs Session The Bitcoin market remains heavily driven by futures markets. BTC’s recent bullish momentum is largely explained by the gradual return of investors to derivatives markets. Although funding rates have remained broadly negative for several weeks, Open Interest has just recorded its strongest increase since the beginning of 2026. ☞ It is worth noting that this increase is already larger than the one recorded during Bitcoin’s ATH formation. ➤ Binance continues to attract the majority of capital on this segment and accounts for approximately 34% of the market share with its monthly average reaching $2.5B on May 5. ➤ A similar trend can also be observed across other exchanges, notably Gateio with $1.75B and Bybit with $1.15B. This environment stands in sharp contrast to the conditions seen earlier this year and suggests that optimism is slowly returning to the market, encouraging traders to increase their exposure to risk once again. ⚠️ That said, it also creates a more fragile market structure. Leveraged positions are rarely built to last over time, and their liquidation could significantly amplify volatility and the risks associated with the market.

LATEST: Major Wall Street players are now hiring for Bitcoin & crypto jobs ASAP. -Bloomberg/Matt Sigel

Chains Earning Less Than $100 per day The harsh reality of blockchain economics: even some well-known L1s and L2s are pulling in less than $100 in daily fees - barely enough to cover a single AWS bill. 24h fees breakdown: • @SonicLabs - $97/day | FDV $179M • @hemi_xyz - $73/day | FDV $80M • @MultiversX - $73/day | FDV $125M • @celestia - $52/day | FDV $415M • @RariChain - $41/day | Not listed • @iotexPad - $38/day | FDV $44.1M • @botanix - $37/day | Not listed • @MantaNetwork - $28/day | FDV $63.6M • @Plasma - $27/day | FDV $44.1M • @vana - $23/day | FDV $965M For context, Hyperliquid pulls in ~$2.3M/day in revenue. These chains combined don't earn what Hyperliquid makes in 30 seconds. When grants run out, and emissions stop subsidising activity, fees this small don't sustain validators, infrastructure, or developer attention. Data source 🔗 @DefiLlama

There's a constant pattern in the markets. #Bitcoin tends to correct heading into the month's end, then, in the first weeks of the month, it reverses and becomes bullish again. This month is no different. The last few days have shown a constant outflow from the ETF—most likely due to high-watermark resets by hedge funds. Given that Bitcoin has been performing well this month and Gold's volatility has declined, we can expect a good start to May again. Outflows at the end of the month don't automatically mean that it's bearish. It can simply be structural closing factors. Interesting fact: the first 7 days of the month are, 75% of the time, positive-flow days. Why? - Potential monthly DCA by investors. - Deposito timings for investors in the U.S. - Institutional rebalancing, allocating assets into #Bitcoin (Again: lower gold volatility = good for Bitcoin allocations) - New month starts for company treasury allocations During the end phase of the month, you'll have a standard risk-off appetite where all those traders are taking their profits. Would assume that we'll turn green again next week.

CryptoQuant: Whales have accumulated 270,000 BTC in the past 30 days, the largest accumulation wave since 2013. Bitfinex, citing data from CryptoQuant, stated that whales have accumulated 270,000 BTC in the past 30 days, the largest accumulation wave since 2013; meanwhile, BTC reserves on exchanges have fallen to their lowest level since December 2017. teapawt.org/bitfinex/status/204438…