Your day-ahead look for May 29, 2026
By Francisco Rodrigues|Edited by Saksham Diwan, Olivier Acuna May 29, 2026, 11:15 a.m. 3 min readMake preferred on (TabTrader.com/Unsplash)What to know:
This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
Bitcoin BTC$73,357.96 is hovering around $73,500, which is roughly 10% lower than its peak of $81,000 earlier this month. This stagnation appears to stem from a lack of new buyers rather than an excess of sellers.
In contrast, risk assets have generally risen, buoyed by news that U.S.-Iran talks might resume, which has positively influenced market sentiment regarding oil prices.
According to analysts at Bankinter, a Spanish financial institution, "Expectations for reduced geopolitical tensions and the reopening of the Strait of Hormuz are alleviating pressures on oil prices."
However, the weakness in bitcoin seems to be specific to the cryptocurrency market. The supply held by long-term investors has reached a record 15.8 million BTC, as reported by CryptoQuant, which is usually seen as a bullish indicator since it represents coins being held rather than sold. The firm suggested that this record may not indicate strong market conviction, but rather a decline in market activity.
Since December, there has been a decrease of approximately 2.2 million BTC in the supply held by short-term investors. This reduction includes about 900,000 BTC from Coinbase reserves that have remained inactive long enough to be classified as long-term holdings. Thus, the current record may be more indicative of inactivity than new purchases.
Demand for spot bitcoin ETFs, which have been crucial for the market's rally over the last two years, has diminished. Glassnode reported that inflows and demand in the spot market are insufficient to maintain prices above the cost-basis threshold of approximately $78,000. On Thursday, net outflows from ETFs hit a record nine-day streak, totaling $2.8 billion.
Glassnode's realized profit/loss ratio is currently at 1.56, which is lower than what is typically seen during robust bull markets. Traders on Polymarket are predicting a high likelihood that bitcoin will end May within the range of $72,000 to $76,000. Stay alert!
Read more: For insights into today's altcoin and derivatives market activities, see Crypto Markets Today. For a full schedule of events this week, check out CoinDesk's "Crypto Week Ahead."
What’s trending
- Crypto trading firm FalconX confidentially files with SEC for IPO, hires bankers (CoinDesk): FalconX has engaged Cantor and other financial advisors as it prepares for a potential IPO and has filed initial paperwork with the SEC confidentially.
- OKX Ventures buys $53 million stake in Korea's Coinone exchange (CoinDesk): OKX has acquired a $53 million investment for nearly 20% of Coinone, representing one of the largest recent contributions by a global crypto company to South Korea's digital asset market.
- Strategy's STRC slips below $99 as Strive captures investor attention (CoinDesk): Strategy's perpetual preferred security, Stretch (STRC), dropped to a low of $97.11 as bitcoin fell to $73,000.
- Iran reportedly launches missiles as Trump mulls deal to pause war for two months (CNBC): Iran has launched missiles at unspecified targets shortly after the Pentagon indicated that Tehran had fired a missile towards Kuwait and conducted drone strikes around the Strait of Hormuz. These developments followed news that U.S. and Iran have "mostly agreed" on a peace deal pending President Trump's signature.
Today’s signal
The current ratio of altcoins (excluding the top 10) to bitcoin is marginally above its 50-week exponential moving average, suggesting relative strength against bitcoin.
Should this ratio remain above this level by week's end, the next resistance level could indicate a 20% increase against bitcoin, signifying sustained momentum within the broader altcoin market.
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What to know:
This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
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