Bitcoin underperforms risk assets as record 9th day of ETF outflows signal waning demand
Your day-ahead look for May 29, 2026
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“The expectations of a de-escalation in geopolitical tension and the normalization of the Strait of Hormuz are reducing pressure on oil prices,” analysts at Spanish lender Bankinter wrote in a market note.
Against that supportive backdrop, bitcoin’s weakness looks crypto-specific. Long-term holder supply has reached a record 15.8 million BTC, according to CryptoQuant, normally a bullish signal because it reflects coins held rather than traded. The firm argued the record may be hollow, reflecting slowing market turnover rather than conviction.
Short-term holder supply has fallen about 2.2 million BTC since December. That includes roughly 900,000 BTC of Coinbase reserves that crossed the 155-day long-term-holder threshold by sitting still. The record is partly an artifact of inactivity, not fresh buying.
