Bitcoins’ market cap dropped from $1.46 billion to about $1.4 trillion. It now ranks below major commodities, technology companies, and commodity-based assets.
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BTC falls as gold holds top spot
Bitcoin is ranked below gold, which has a value of nearly 31 trillion dollars. Nvidia and other companies such as Apple, Alphabet (Alphabet), Microsoft, Amazon TSMC Broadcom Saudi Aramco Tesla Meta Platforms are all ranked higher.
The drop reflects mounting pressure on the cryptocurrency from multiple fronts — including rising inflation, geopolitical conflict, and weakening investor sentiment.
Ki Young Ju says that the crypto market is now in a “bear market” according to Ki Young Ju. stretch into early 2027. This assessment was based on a model of on-chain profitability that measures how long investors’ losses usually last once the profit-taking starts to wind down.
Bitcoin’s PnL falls typically for 18 months after the profit cascades.
As the market is expected to continue its decline until the beginning of 2027 since it has turned negative in Oct 2025.
Trends only change when realized and unrealized profit rise. It’s not yet time. pic.twitter.com/fQyIRLu8vv
— Ki Young Ju (@ki_young_ju) May 29, 2026
Ju claims that the fall in profits for investors began in October 2025. According to him, the downward trend followed an 18-month cycle seen during previous recessions. He points out similar cycles from 2014, 2018 and 2022.
Bear Market Clock started in October 2025
The CryptoQuant PnL Index Signal — a chart that measures investor profitability using 365-day moving averages — shows the indicator rolling over after hitting a peak last year.
Ju posted the graph on X. He noted that a real recovery would only occur when profits realized fell and unrealized gains rose. He said that this shift had not yet occurred.
Bitcoin traded at $73,289 when the report was published, a slight decrease over the past 24 hours. The data from CoinGlass indicates that the open interest of the derivatives has fallen to approximately $55 billion. Meanwhile, liquidations in this same time frame reached almost $224 million.
Long Traders Get The Worst Of It
These losses are largely due to the long positions. In 24 hours alone, over $30 million of bullish bets went down the drain, while only $17 million was lost on short liquidations. The long-short balance on Binance, OKX and other major exchanges still favors the bulls despite these numbers.
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The pressure is exacerbated by macroeconomic factors. US PCE inflation rose to 3.8% in April from the previous year, causing Fed rate hike expectations to rise sharply.
The risk sentiment for crypto continues to decline, according to reports.
Chart from TradingView, Featured Image from Pexels
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Source: www.newsbtc.com
