Invest ideasNews
23 May 2026, 14:00
Bitcoin Struggles To Reclaim Key Cost Basis As Realized Losses Climb — Details
Since the past week, the Bitcoin price has traded below the cost basis of one of its most reactive investor groups. Based on recent on-chain information, the world’s largest cryptocurrency might face further trouble if its price fails to reclaim this crucial level. Bitcoin’s Drop Under $80,000 Drives Realized Losses Upwards In an X post on May 22, Axel Adler Jr. analyzes Bitcoin’s struggle to reclaim its Short-Term Holder (STH) Realized Price. The crypto analyst identifies this level at around $80,000 (specifically $80,217). For context, the STH Realized Price tracks the average acquisition price of newer BTC investors. When Bitcoin trades below this threshold, it often means that many of its short-term holders are holding unrealized losses, thereby increasing selling pressure. BTC is trading below STH cost basis.$80,217 = STH break-even $77,550 = current priceAverage STH is underwater and losses are now being realized: Net Realized P/L: -$176M Losses: $366M Profits: $190MUntil $80.2K is reclaimed, bounces lack confirmation. Adler AM #175 … pic.twitter.com/R359OfOopg — Axel Adler Jr (@AxelAdlerJr) May 22, 2026 Notably, Axel Adler Jr. points out that these realized losses have risen across the Bitcoin market. The pundit reports that the Net realized profit is now roughly –$176 million, arising from the difference between $366 million in realized losses and $190 million in realized profits among Bitcoin short-term traders. Adler notes that as long as Bitcoin remains below the STH cost basis, future market rebounds would be mere unconfirmed or temporary retracements. Simply put, these temporary price recoveries below the $80,217 threshold might be relief rallies rather than actual signs of a broader trend reversal. Hence, before market participants can judge Bitcoin to be displaying bullish intent, the price has to break clearly above the former STH support that might now resist the expansion of Bitcoin’s price. This is because, as the price approaches the STH breakeven (realized) price, investors become more likely to exit their positions, thereby adding bearish pressure. Coinbase Records Highest Selling Pressure Since February In another X post , Maartunn reveals that Coinbase is seeing one of the strongest waves of bearish pressure since February. The relevant indicator here is the Coinbase Premium Gap, which primarily tracks buying and selling activity among US-based investors. According to the chart shared by Maartunn, the Coinbase Premium Gap has dropped deeply into negative territory, coinciding with Bitcoin’s latest price weakness. When the premium turns positive, it generally signals stronger buying activity on Coinbase. However, a negative reading typically reflects increased selling pressure or weakening demand from US investors. Interestingly, strong negative Coinbase premium readings, such as those currently seen, have often appeared during corrective phases or periods of short-term fear. However, these can also precede the establishment of local bottoms if selling exhaustion begins to emerge. As of this writing, Bitcoin stands at a $75,514 valuation, down 2.56% since the past day.
23 May 2026, 13:32
Bitcoin Slides as Coinbase Bitcoin Premium Index Signals Reduced Institutional Accumulation
The Coinbase bitcoin premium index has fallen to its lowest level in a month, with analysts warning that intensified institutional selling is adding significant weight to BTC’s near-term price outlook. What the Data Shows The Coinbase bitcoin premium, an index measuring the price difference between bitcoin traded on Coinbase (used predominantly by U.S. institutional investors)
23 May 2026, 13:16
Fenwick & West agrees to pay $54M to escape FTX customer lawsuits over collapse
Fenwick & West, a prominent Silicon Valley law firm, has entered into a $54 million preliminary settlement agreement to address customer lawsuits related to the defunct crypto exchange, FTX. Filed in court on Friday in Miami, Florida, the settlement has yet to receive judicial sanction. Settlement will address claims that FTX clients raised against the Fenwick & West law firm. In particular, plaintiffs have alleged the law firm played a vital role in facilitating FTX’s operations before it failed. Fenwick & West. bend the knee to defrauded clients According to reports, Fenwick & West will settle for $54 million while not admitting any responsibility for its actions. Attorneys representing the plaintiffs, such as David Boies, considered the amount fair since they would avoid the troubles associated with a drawn-out process. According to the agreement, the company would deposit $54 million into an escrow account within 120 days of initial judicial approval. The money would be used to pay investors’ claims, cover administrative expenses, and cover approved attorneys’ fees. As reported by Cryptopolitan , the lawsuit accused Fenwick of facilitating the creation of highly complex corporate structures that made it difficult to determine whether funds were FTX’s or those of its sister trading platform, Alameda Research. According to the lawyers, the law firm assisted in tricky areas of money transmitter licenses, fund transfers, and compliance procedures, enabling the funds of FTX customers to be moved at will, including to cover losses incurred by the trading platform. Plaintiffs argued that the legal services of Fenwick Law made it possible to set up “shadowy entities.” The lawsuit against Fenwick Law was filed in 2025. In addition to the above case, there was another but distinct lawsuit that was filed on May 13, 2026, in the Federal Court of Washington, D.C., involving 20 people from five different countries who were seeking more than $525 million as compensation. Seven current or former Fenwick partners, as well as John Does, were listed as defendants in this lawsuit as well. Both parties have agreed to suspend all deadlines and motions until the settlement is sorted out. According to the plaintiffs’ attorneys, including the law firm of Moskowitz, the deal was practical because it helped them avoid litigation costs. Fenwick stated that it was unaware of any fraud at FTX and reiterated the firm’s commitment to adhering to the letter of the law. The firm also noted that it ceased representing the company upon its bankruptcy filing. Ex-FTX exec launches ‘No-Loss’ AI trading platform Since the collapse of FTX, its executives have taken different paths. Sam Bankman-Fried is serving 25 years in federal prison . With good behavior, time credits, and other federal reductions, he could potentially serve around 12–18 years. Caroline Ellison was sentenced to two years in prison but was released from federal custody at the start of 2026. Now, another official is banking on the trust of the same crypto traders to get his business into the broader market. Former head of Europe for FTX, Patrick Gruhn, has launched a new trading platform powered by AI and assures users’ profitability even without investing their personal capital. He has launched UpsideOnly through Perpetuals.com Ltd. as a platform that combines crowdsourced market predictions with proprietary AI to run trades using only the company’s funds. How does the platform work ? By letting users place a paper trade simulating their predictions of price changes in assets, including stocks, commodities (such as oil and gold), crypto, and forex. The company’s in-house AI algorithm, BayesShield, analyses these trading signals based on patterns it identifies in more than a billion historical trades. The most profitable strategy is identified by the system and implemented using Perpetuals’ money. When these trades bring money for the company, 50% of the profit is shared with the user community. Gruhn, appointed as CEO of Perpetuals in 2023, was influenced by his experience at FTX Europe, where he realized that retail traders kept losing their money through risky bets. The smartest crypto minds already read our newsletter. Want in? Join them .
23 May 2026, 13:05
Bitcoin Price Analysis: BTC Risks Deeper Correction Below $74K
Bitcoin is trading in a volatile but technically fragile range on Saturday as bearish pressure from Friday evening’s whiplash continues to dominate higher time frames despite selective short-term recovery attempts. Traders are monitoring whether the leading crypto asset can stabilize above the critical $74,000 support zone after a sharp retreat from recent highs near $82,833.
23 May 2026, 13:00
Bitcoin Spot Demand Falls At Fastest Rate Since January — What’s Happening?
The price of Bitcoin has been under significant downward pressure over the past week, and the f alling spot demand might be one of the factors behind the downturn, according to a CryptoQuant head of research. Bitcoin Apparent Demand Falls To -40K BTC In a May 22nd post on the X platform, CryptoQuant’s Head of Research, Julio Moreno, revealed that Bitcoin spot demand has been declining over the past few weeks. This on-chain observation comes as the premier cryptocurrency appears to be struggling under significant bearish pressure. The relevant indicator here is the Apparent Demand metric, which tracks demand by comparing newly mined BTC to the amount of unmoved coin over a period. The on-chain metric provides insight into investor appetite and can be used to decipher different market phases, especially in the long term. Using this metric as an anchor, Moreno revealed that the Bitcoin spot demand is falling at the fastest pace since January 10th. When the Apparent Demand indicator contracted in early January, the Bitcoin price dipped to around the $90,000 mark before rebounding to $98,000 (alongside the demand). However, the Apparent Demand was in a massive downturn for most of the first quarter before turning around in early April. Accompanied by a commensurate rise in the price of Bitcoin, the coin’s demand in the spot market improved for most of the previous month. As observed in the chart above, the on-chain metric has declined to its lowest level since early January. CryptoQuant data show that the 30-day sum of Apparent Demand is around -40,000 BTC. While it is difficult to pinpoint the exact cause of the recent downturn in BTC spot demand, the poor performance of US-based exchange-traded funds might be a good place to start. Nevertheless, when questioned about the contribution of the spot Bitcoin ETFs to this trend, Moreno answered that the exchange-traded funds account for only a small fraction of BTC’s demand growth. Coinbase Premium Falls To Lowest Level Since February At the same time, the Coinbase Premium Gap, which offers insight into institutional investor appetite in the US, also supports the thesis of waning demand in the Bitcoin spot market. According to CryptoQuant data highlighted by Maartunn, Coinbase, the US’s largest cryptocurrency exchange, is witnessing its most significant selling pressure since February. This evident decline in demand has coincided with the latest dip in Bitcoin’s price. Hence, it goes without saying that investor appetite in the spot market needs to improve for the premier cryptocurrency to recover in price. As of this writing, the price of BTC sits around $75,600, reflecting a 2.5% slump in the past day.
23 May 2026, 13:00
History Shows Bitcoin ETF Outflows Favor Accumulation, Says Santiment
Six straight days of outflows from US spot Bitcoin ETFs — totaling $1.26 billion — are drawing attention not for the losses they represent, but for what history suggests might come next. What The Data Shows Blockchain analytics firm Santiment says these outflows should be read as a counter-signal rather than a warning. According to the firm, ETF flows reflect retail investor behavior more than institutional positioning, which means sustained outflows tend to mark bottoms rather than the start of deeper slides. Related Reading: New Bitcoin Lows? Analysts Say Chances Are ‘Extremely Slim’ Santiment pointed to a consistent pattern: large inflow spikes have historically landed near price tops, while heavy outflow periods have lined up with buying opportunities. The numbers support the argument. On July 10, 2025, spot Bitcoin ETFs recorded $1.18 billion in inflows — a period that coincided with a local price top. October 6, 2025 brought $1.21 billion in inflows, and prices peaked around the same time. On the other side, $903 million in outflows hit on November 20, 2025, a moment that proved well-timed for buyers. Based on this track record, Santiment says the current outflow streak fits the same mold — retail investors cutting exposure after Bitcoin failed to hold $80,000 in May, hitting a high of $79,050 on May 16 before pulling back. Retail Fear, Not Institutional Exit Bitcoin was trading at $75,400 when Santiment published its report on Friday, May 22. The firm described the current climate as the highest level of market fear seen in more than 3.5 months. Rather than treating that as cause for alarm, Santiment framed it as a familiar setup — retail capitulation that has historically reset conditions ahead of recoveries. Spot Bitcoin ETFs recorded outflows across each of the six trading sessions from May 15 through May 22, according to Farside Investors data. The 11 funds tracked collectively posted $1.26 billion in net outflows during just five of those sessions. On May 22 alone, total net outflows came to $105 million, according to SoSoValue data, extending the outflow streak to six consecutive days. Related Reading: Bitcoin Treasury Company Nakamoto Takes Action To Prevent Stock Slide ETF Analyst Sees Recovery Ahead ETF analyst James Seyffart offered a separate reason for optimism. Speaking on a podcast, Seyffart noted that total Bitcoin ETF inflows are approaching their all-time high of $60 billion and that most of the $9 billion in outflows recorded between October and February has since been recouped. He expects the all-time inflow record to break in the near term. Featured image from Unsplash, chart from TradingView
