Bitcoin’s market cap has dropped to around $1.46 trillion, pushing down several major technology companies and commodities on the global scale.
Collaborative Reading
Gold Takes High Place As BTC Slides
Gold remains the world’s most valuable asset at nearly $31 trillion, while Nvidia, Apple, Alphabet, Microsoft, Amazon, TSMC, Broadcom, Saudi Aramco, Tesla, and Meta Platforms all rank above Bitcoin.
The decline reflects pressure on the cryptocurrency from several areas – including rising inflation, international tensions, and weakening investment sentiment.
Ki Young Ju, CEO of crypto analytics firm CryptoQuant, now says the bear market may be over from early 2027. His analysis is based on a value chain approach that follows the long-term nature of businesses that often lose profits.
Once a profit is taken, the PnL of Bitcoin investors usually falls in about 18 months.
Since the situation changed in Oct 2025, the bear market could last until early 2027.
This trend reverses as unearned profits rise and earned profits fall. We’re not there yet. pic.twitter.com/fQyIRLu8vv
– Ki Young Ju (@ki_young_ju) May 29, 2026
According to Ju, the decline in investor profits began in October 2025. He says that this trend has followed an almost 18-month period seen in previous declines, pointing to similar trends in 2014, 2018, and 2022.
Bear Market Clock started in October 2025
The CryptoQuant PnL Index Signal – a chart that measures investor profitability using a 365-day moving average – shows the indicator is reeling after hitting a peak last year.
Ju placed the chart on X, noting that recovery will be confirmed only when unearned profits rise while realized profits fall. That change has yet to happen, he said.
Bitcoin was trading close to $73,289 at the time of the report, a slight drop in the 24-hour period. Data from CoinGlass shows the total open interest in the derivatives market fell to about $55 billion, while the immediate closing hit about $224 million.
Long Traders Take Losses
Long positions accounted for most of the losses. More than $30 million in leveraged bets were liquidated in 24 hours, compared to nearly $17 million in short-term bets. Despite these figures, the long ratio on major exchanges including Binance and OKX is still relatively low.
Collaborative Reading
A growing economy is compounding the problem. US PCE inflation rose to 3.8% year-on-year in April, and the Fed’s rate of interest rate hikes has risen sharply in response.
Reports indicate that tensions between the US and Iran have also disrupted global markets, and the risk sentiment on crypto continues to weaken.
Image taken from Pexels, chart from TradingView
