Bitcoin has fallen 26.8% since May 15 and has been trading around the cycle bottom near $60,000, as selling pressure persists. On June 6, 2026, analyst Darkfost said BTC dropped below the Power Law model’s 4% quantile, a level historically tied to heavy pessimism. At the time of writing, Bitcoin was $61,592 (+1.95% in 24 hours) while daily volume fell 56.14% to $31.21 billion.

Bitcoin started June under pressure, sitting about 50% below its all-time high after a 16% weekly drop that pushed price back near $60,000 for the first time since February. An on-chain analyst highlighted CVDD-based ranges that have historically aligned with cycle lows, placing a higher bottom zone at $46,000–$54,000 and a deeper scenario at $35,000–$40,000. At the time of writing, BTC was quoted at $60,537, down 4.7% over 24 hours, while daily volume was $1.21 trillion.

Ethereum saw a sharp drop over the past week, with price sliding to $1,505 before later trading around $1,577. A June 6 Quicktake noted total exchange inflows reached 2.24 million ETH in a single day, the highest level in four months. Binance accounted for over 1.16 million ETH of that inflow, a setup analysts say can raise potential sell-side pressure and volatility.

Bitcoin's long-term holder count has climbed to a record 15.8 million, even as BTC has fallen 9% since May 6, when it first topped out around $82,000. The data points to strong conviction among holders, but it may also reflect weak fresh demand, with slower growth among whales and declines among dolphin cohorts. BTC was trading near $74,000 at the time of writing, while one forecast set June targets between $57,774 and $84,961.

Bitcoin has faced persistent selling pressure over the last week, trading around $73,400. Since January 19, its Realized Cap fell 3.63% from about $1.12 trillion to $1.08 trillion, a $40.847 billion decline, alongside a price slide of over 20% from $92,593. Large wallets holding more than 10,000 BTC reportedly sold about 612,753 BTC between May 11 and May 28, with BTC later quoted near $73,485.

Bitcoin spot ETFs have turned sharply negative in Q2 2026, with May net outflows totaling $2.30 billion and marking the weakest month since November 2025. Santiment said on May 29 that cumulative outflows since May 7 have reached about $4 billion, a pattern its analysts view as historically consistent with contrarian conditions that can form near a market bottom.

Ethereum has declined over the past two weeks, but on-chain indicators cited in a CryptoQuant QuickTake argue long-term conviction remains intact. The analysis points to an all-time-high staked ETH level in early 2026 and a still-moderate MVRV reading, while ETH was priced at $2,113 with a 2.26% daily gain at press time.

Bitcoin has spent the past week below the short-term holder (STH) realized price, a cost-basis level highlighted around $80,217. On May 22, analyst Axel Adler Jr said BTC near $77,550 was triggering net realized P/L of about –$176M, with $366M losses versus $190M profits, while Bitcoin was later cited at $75,514, down 2.56% over the past day.

An on-chain study says Bitcoin is entering a new phase marked by widening differences between whale and retail behavior. In an X post dated May 16, Joao Wedson said the Whale vs Retail Delta metric has fallen to its lowest level since January 2024, a period tied to the U.S. spot Bitcoin ETF launch and notable whale selling pressure. Bitcoin was quoted at $78,188 at the time of writing, while U.S. BTC spot ETFs showed a weekly net outflow of $1 billion as of May 15.