Key Takeaways:
Bitcoin retraced to $72K in May after Bitcoin ETP outflows reached $1.031 billion in the second half of the month.Bitwise Europe data shows long-term holders reached an all-time high of 14.85M BTC, equal to 74.3% of supply.The $78K–$85K zone remains the key level to watch, with Polymarket odds for CLARITY Act passage in 2026 at 75%.Bitwise Europe’s report identifies a divided macro environment. On one side, global equities continued making new all-time highs, supported by strong corporate earnings and positive growth revisions. On the other hand, sovereign bond markets are under rising stress.
Governments and companies are set to borrow $29 trillion from bond markets in 2026, 17% more than in 2024 and double the amount from a decade ago, per the report. The IMF has warned that markets are becoming less forgiving of sovereign borrowing assumptions. Japanese 10-year bond yields reached multi-decade highs during the month, a development Bitwise Europe flags as particularly significant given Japan’s roughly $7.5 trillion sovereign bond market and its status as the largest foreign holder of U.S. Treasuries.
14.9 Million Bitcoin Locked Away While Traders Step Back
