U.S. spot Bitcoin ETFs posted six straight days of net redemptions totaling about $1.55 billion from May 15 through May 22, leaving combined assets near $98.87 billion. BlackRock's IBIT accounted for roughly $1.14 billion of the outflow, while Fidelity's FBTC saw net sales of $151 million. Over the past seven days, Bitcoin hovered near $76,000 and was at $77,160 at press time as ETF demand cooled.

On May 26, 2026, Strategy said it completed a $1.5 billion repurchase of its 2029 convertible notes for about $1.38 billion in cash, an ~8% discount to par. The company said the buyback was financed with cash plus at-the-market sales of MSTR common stock and STRC preferred stock, and it also bought 24,869 BTC in the same May 11–25 window. After the transactions, Strategy reported total Bitcoin holdings of 843,738 BTC and remaining convertible debt of $6.7B.

Strategy said it repurchased $1.5 billion principal of its 0% Convertible Senior Notes due 2029 for about $1.38 billion in cash on Tuesday, cutting total convertible obligations to $6.7 billion. It also reported buying 24,869 bitcoin using proceeds from STRC preferred stock and an at-the-market common stock program, bringing total holdings to 843,738 BTC and a year-to-date BTC Yield of 13.3%.

Bitcoin's on-chain activity has cooled over the past two weeks, with active wallet addresses falling from 821,000 to 494,000. The 39.80% decline is cited as a sign short-term traders may be stepping back during a broader consolidation phase.

Bitcoin’s on-chain participation has cooled over the past two weeks, with active addresses dropping from about 821,000 to 494,000, a 39.8% decline. The pullback comes as BTC continues to consolidate below $80,000, while spot price was $77,363 at press time after a roughly 0.5% 24-hour gain.

On May 26, a pseudonymous onchain trader exited an ether short worth over $100 million for a $260,000 loss, then moved into a 20x leveraged bitcoin long sized at $13.43 million. The new position represents 175.04 BTC at $76,662, implying liquidation risk on roughly a 5% adverse move. At the time of the trade, ETH was at $2,090.55 and BTC was at $76,662.

Bitcoin spot trading activity across exchanges has sunk to its weakest level in almost two years, with major venues showing steep pullbacks from the October 2025 high. Binance spot volume fell more than 81% from $198.6 billion to about $36.4 billion, while Gate.io dropped 79.6% and Bybit declined 66%. Bitcoin was trading around $76,660 at publication as analysts weighed what low volume could imply for the next move.

Bitcoin is trading below the descending 200-day moving average near $80K after a rejection from $82K, with attention shifting to the $74K-$75K demand zone. Analysts flag $70K-$71K as the next major support if $74K breaks, while $78K-$80K is the nearby recovery area if buyers hold. On-chain realized price bands also cluster around $70K for newer holders and near $63K for older cohorts, adding focus to these levels.