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.

The article says Bitcoin had already finished a major selloff before the Iran-US war began on February 28, 2026, falling 50% from $126,100 to around $63,000. During the conflict, BTC rebounded to about $76,800 while gold slid from a $5,600 peak to $4,150 and the Nasdaq later recovered faster than Bitcoin, rising 24% from its March low versus BTC's roughly 20% bounce.

On May 26, 2026, Bhutan's government moved about $7 million worth of BTC to a SegWit wallet, according to Arkham. The platform said such transfers can signal preparation for a further transfer or a sale, and noted Bhutan's BTC balance is down 10,000 BTC from a ~13,390 BTC peak in October 2024. Arkham data also lists Bhutan holding $234.33 million in BTC and about $68,000 in ETH at the time of the report.

Bitcoin's Taker Score (SMA-7) fell from 84 to 31 in less than a day from May 25 to May 26, while price slipped only 0.65% after rebounding from the May 23 low. The drop in aggressive perpetual-order-book buying pulled the Bitcoin Futures Microstructure Composite Index (SMA-7) down to 37.6, signaling a neutral regime with a risk-off tilt as buyer flow cooled before price moved.

Bitcoin rebounded after dipping below the $75,000 area over the weekend, when it slid about 4.5% to a one-month low of $74,289 before recovering. Analysts highlighted a tight decision zone, with one view putting resistance at $78,258 and support at $75,733, while others stressed the broader $75,000–$78,000 band. A break above resistance is framed as a path toward $84,569, while losing support could open downside targets near $66,898–$67,000.