Bitcoin left behind in the geopolitical melee
Your day-ahead look for May 22, 2026
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Meanwhile, oil remains elevated near $100 and speculative capital is pouring into copper amid fears of a sulfur shortage. The connection? Copper production is heavily dependent on sulfuric acid, whose supply has been disrupted through the Strait of Hormuz.
In essence, everything is revolving around Hormuz, driving commodity flows and prices higher, stoking inflation fears, lifting bond yields, which are supposedly weighing over crypto. The U.S. stocks, meanwhile, hover near record highs, driven by AI optimism.
Bitcoin is not at the center of this geo-economic and AI repricing.
It is no surprise, therefore, that U.S. spot bitcoin ETFs continue to bleed, recording $1.15 billion in outflows this week after $1 billion last week, according to SoSoValue. The Coinbase premium, a key gauge of U.S. demand relative to the rest of the world, has hit monthly lows.
