Bitcoin extended its drop after failing to hold $82,000 on Thursday evening, falling to $76,650 on Bitstamp and erasing more than $5,000 from the peak. The selloff triggered over $660 million in liquidations over 24 hours, with more than $610 million occurring within roughly 1–2 hours as BTC slipped below $76,700.

Merlijn The Trader argued on May 17, 2026 that Bitcoin could revisit $33,000 if its midterm-election-year drawdown pattern repeats. He pointed to prior declines of 61% (2014), 65% (2018), and 66% (2022), while offering a less-bearish alternative range of $45,000–$59,000 that hinges on whether BTC holds $78,000 support.

US spot Bitcoin ETFs posted a sharp reversal, recording about $1 billion in net outflows over the past five trading days after a prior week saw over $620 million in inflows. Spot Ethereum ETFs also stayed negative all week, totaling just over $255 million in net withdrawals, while ETH slipped from a $2,400 rejection to below $2,200. Over the same period, ETFs tracking SOL and XRP finished the week without any red days.

Spot XRP ETFs extended their early-month streak last week, logging $60.50 million in net inflows and pushing May’s total to nearly $95 million, above April’s $81.59 million. Despite the demand, XRP’s mid-week breakout attempt faded after a move to $1.55 on Thursday, before slipping to just under $1.40 and later trading around $1.42.

Bitcoin fell to $60,000 in an early-February crash, then rebounded to nearly $83,000 about a week ago before sliding to a two-week low of $78,000. Several analysts argue recent conditions still resemble late-cycle risk, citing elevated realized profit margins, ongoing bearish positioning from Doctor Profit, and the need to invalidate historical cycle patterns if $60,000 holds as a definitive bottom.

Ethereum fell below $2,200 after repeated failures near $2,400, while the ETH/BTC ratio slipped under 0.028, marking a 10-month low. Analysts pointed to heavy exchange inflows—more than 500,000 ETH over the past week—as a potential source of added selling pressure. Bullish voices, however, argued ETH could rebound from diagonal support on the 8-hour chart as some long-term holders resume buying.

XRP has repeatedly tried to break out of its consolidation in May but was rejected after brief rallies, including a move to $1.55 on May 15, 2026. Analysts highlighted $1.51 and then $1.82 as the main resistance levels that would need to give way for a stronger bullish continuation, while others still frame price action as a range between $1,30 and $1.55.

Bitcoin fell below $78,000 after a short-lived rally that jumped from under $79,000 to $82,000 following progress on the CLARITY Act. Analysts pointed to miner selling of 800 BTC (about $64 million) and warned the move could mark a bull trap, with one calling for a potential drop toward $63,000. Others argued losing $80,000 support does not automatically imply a steep crash.

XRP jumped from $1.42 to $1.55 after a 15-9 bipartisan vote advanced the CLARITY Act through the Senate Banking Committee, before quickly slipping back toward its prior level. The move coincided with the XRP Ledger's strongest on-chain activity since March, including 48,453 active addresses in a 24-hour window. Separately, analyst CW said position delta increased, suggesting long positions were added while XRP remains below the 100 EMA, with the 200 EMA near $1.70.