On May 21, 2026, Strategy's Michael Saylor told CNBC he views Bitcoin as having bottomed at $60,000 after an October peak near $125,000, describing the market as in a "spring" phase with potential for a rally. He also reiterated a long-range target of $21 million per BTC in 21 years and highlighted STRC figures including $10.5B raised in 10 months, a $24B annual run rate, and an 11.5% tax-deferred dividend.

Glassnode says 6.04 million BTC—30.2% of circulating supply—sits in wallets whose public keys have already been revealed after spending, a setup that concentrates potential quantum-related risk in large custodians. The dataset indicates exchanges hold about 1.66 million exposed BTC, while exposure varies widely by entity, from Binance's 85% to Coinbase's 5% of labeled balances.

CryptoQuant head of research Julio Moreno says Bitcoin's current setup resembles March 2022, with sentiment indicators leaning bearish despite limited short-term upside potential. BTC previously met resistance near the 200-day moving average around $82,000 and pulled back toward $76,000, while U.S. spot ETFs reportedly turned net sellers by about 4,000 BTC after buying up to 64,000 BTC in the prior 30 days.

Peter Schiff argued on May 21, 2026 that Michael Saylor's Strategy Bitcoin-treasury approach matches his definition of Ponzi finance because servicing the firm's 11.5% debt would require either selling Bitcoin or issuing new debt. He added that transparency does not legitimize the structure, while noting the critique does not address the scenario in which Bitcoin appreciates faster than the borrowing cost and removes the need for either exit path.

Glassnode data estimates 4.12 million BTC are exposed to quantum risk due to holder behavior such as address reuse, partial spending, and custody practices, exceeding the 1.92 million BTC tied to older script structures. Together, the two exposure buckets sum to 30.2% of all issued Bitcoin, with the larger share linked to key and address management rather than legacy code.

SpaceX disclosed in an SEC registration statement that it owns and controls 18,712 Bitcoin, valued at about $1.45 billion and carried at an approximate $661 million cost basis. The filing says the BTC is held via third-party custodians, helping explain why on-chain estimates had previously placed the company closer to around 8,000 BTC. The document also indicates the balance was unchanged from the end of 2024.

Capitol Hill is being framed as nearing a potentially "landmark" moment for U.S. crypto policy, with Bitcoin increasingly discussed through a national-security lens. Rep. Lance Gooden argued the digital yuan and China's reported Bitcoin accumulation aim to challenge the U.S.-led financial order, while U.S. officials described military testing and possible uses of proof-of-work. Separately, the CLARITY Act cleared the Senate Banking Committee 15-9, including provisions meant to shield non-custodial software developers from being treated as money transmitters.

Analysts said Bitcoin's failure to clear its 200-day moving average has started to resemble prior reversal setups, raising the risk of a deeper pullback. They highlighted $70,000 as a key on-chain support level, warning that a break could drag BTC back into the $60k zone and potentially to fresh bear-market lows. BTC also tested $78,000 during Thursday's Asian session after rising about 1.7% from $76,600, but that area was described as near-term resistance.