Cardano price remains under pressure after the Cardano Foundation confirmed that its proposed Cardano Summit 2026 will not take place this year following failed treasury votes.

The Cardano Foundation said it would respect the outcome of the latest treasury proposal votes after the community rejected funding for the planned Cardano Summit 2026. The organization said governance requires participation and a commitment to accept collective decisions.

In a statement on X, the Foundation said the proposed event “will not take place this year” after the vote failed. It added that it had reviewed feedback from DReps and would begin winding down current Summit-related execution.

The Foundation also said it was encouraged by the close vote and the level of community engagement. It noted that Emurgo’s TOKEN2049 proposal passed, meaning Cardano will still have a presence tied to the major Singapore crypto event.

The result places Cardano’s on-chain governance system back at the center of market attention. DReps now carry more weight in treasury decisions, and recent votes show that large event budgets face tougher review during a weak ADA market.

Cardano price stays near key support

Cardano traded near $0.236 on May 31, according to crypto.news price data. ADA was up 0.52% over 24 hours but remained down 3.55% for the week and 4.79% over the past month.

The token’s market cap stood near $8.77 billion, ranking Cardano at number 16. Trading volume was about $262.7 million over 24 hours, while the day’s range stayed narrow between $0.233913 and $0.238238.

The price action remains weak because ADA is trading close to a long-term support area. Analyst Ali Martinez said Cardano has traded inside a multi-year channel since 2021, with the key floor around $0.247.

According to the analyst, ADA trading near $0.232 marks a major test of that historical boundary. He said a monthly close below $0.247 would change the near-term structure and point to a deeper valuation phase.

RSI and MACD show weak momentum

The latest chart indicators still lean bearish. Volume remains relatively low at about 16.2 million ADA, which suggests that recent price movement lacks strong buying pressure.

ADA has shown a small rebound, but the price remains close to support. A clean breakdown below the $0.23 to $0.24 zone would weaken the setup further. A recovery above $0.27 to $0.30 would be needed to show stronger short-term demand.

The RSI stands at 39.02, below the neutral 50 level. That reading shows bearish momentum, though ADA has not reached the oversold zone near 30.

The RSI also turned lower after failing near its upper range. That move shows buyers lost strength before ADA could build a stronger recovery.

The MACD also shows mild weakness. The MACD line sits at -0.0060, below the signal line at -0.0044, while the histogram stands at -0.0016.

That setup confirms soft downside momentum. However, the histogram bars remain small, so selling pressure has not sharply expanded. ADA still needs stronger volume and a move back above nearby resistance to improve the short-term chart.

Analysts watch $0.113 and $0.051 levels

Ali Martinez warned that if Cardano loses the historical channel floor, long-term accumulation targets may sit much lower. He listed $0.113 and $0.051 as the next high-conviction macro levels for spot buyers.

That forecast depends on whether ADA stays below the $0.247 zone and fails to reclaim it after the monthly close. The level is important because it has acted as a long-term support area since the 2021 market cycle.

The failed Summit vote adds another layer to the price story. It does not directly change Cardano’s code, supply, or network activity, but it shows that treasury spending now faces stronger community review.

Recent related coverage from crypto.news also showed that Cardano’s price setup had already turned fragile before the Summit outcome. ADA previously needed to hold $0.246 to keep a rebound case alive after a TD Sequential buy signal.

That support is now under stress. If ADA remains below the $0.247 floor, traders may focus more on downside levels than on earlier rebound targets near $0.255 and $0.262.

For now, Cardano price analysis remains simple. ADA needs to reclaim $0.247 first. A move above $0.27 would show better demand. Until then, the Summit cancellation and weak indicators keep pressure on the short-term outlook.

Vietnam’s Ministry of Finance has proposed allowing small and medium-sized enterprises to use digital assets, virtual assets and intellectual property as collateral for bank loans.

The proposal is part of the draft revised Law on Support for SMEs, which is open for public consultation, according to Viet Nam News. The plan would widen the type of assets that businesses can use when applying for bank loans.

Under the draft, SMEs could use assets formed in the future, property rights, intellectual property rights, intangible assets, digital assets, virtual assets and other lawful assets. The change would move lending beyond the current focus on real estate and other fixed assets.

The policy targets a long-running credit gap

The Ministry of Finance said the proposal aims to improve capital access for private companies and technology startups. Many such firms own software, brands, data, patents or digital products, but lack land or property that banks usually accept as collateral.

State Bank of Vietnam data showed that outstanding SME loans reached nearly VNĐ3.8 quadrillion, or about $144.2 billion, by the end of April. That was equal to about 20% of total credit in the banking system, even though SMEs and household businesses account for more than 98% of enterprises in Vietnam.

Banks may weigh cash flow and business plans

The draft also encourages credit institutions to assess borrowers through credit ratings, business plans, market expansion potential and enterprise cash flows. This would give banks more ways to review SME credit risk without relying only on fixed collateral.

The Ministry of Finance linked the proposal to Resolution 68-NQ/TW of the Politburo, which treats the private sector as an important driver of the economy. The draft also seeks to support innovation, digital transformation, green projects and sustainable business models.

Digital asset rules continue to develop

The proposal comes as Vietnam builds a wider legal framework for digital assets. Related crypto.news coverage has reported that Vietnam has been working on a domestic digital asset exchange pilot and tighter rules around overseas crypto trading.

The new collateral plan does not mean banks must accept every digital or virtual asset. The draft says assets must be lawful under Vietnamese law. That leaves valuation, custody, risk control and legal recognition as key issues for lenders before any new rules take full effect.

Bitcoin traders are buzzing with unusually bullish chatter on social media, even as the broader crypto market slides. A Santiment analysis shows Bitcoin’s social sentiment reaching the year’s most lopsided ratio of bullish to bearish comments, signaling a surge in optimism that contrasts with a more cautious overall market mood.

At the same time, the traditional market mechanisms that often anchor price action — exchange-traded products and related flows — tell a different story. Spot Bitcoin ETFs logged their tenth consecutive day of outflows on Friday, with total net redemptions exceeding $2.97 billion since May 15. That persistent drain on ETF positions adds a layer of complexity to the narrative around Bitcoin’s near-term path.

Key takeaways

• Santiment records Bitcoin sentiment at 2.23 bullish-to-bearish ratio, the strongest reading of 2026 so far, signaling a surge of optimistic chatter on the asset.
• Spot Bitcoin ETFs have posted ten straight days of net outflows, with more than $2.97 billion redeemed since May 15, underscoring a disconnect between social sentiment and institutional exposure.
• The Crypto Fear & Greed Index sits in “Extreme Fear” territory at a score of 23, highlighting a cautious backdrop even as social bullishness climbs.
• Market voices offer a nuanced view: some see retail-led optimism as a contrary signal, while others warn that extremes in sentiment have historically preceded short-term pullbacks.
• Prominent figures weigh in on the dynamics: Tyler Winklevoss notes a paradoxical optimism amid sour sentiment, while Cory Klippsten and Michael van de Poppe stress the continuing relevance of retail behavior and sentiment fragility.

Contrasting signals: social optimism and ETF realism

The latest Santiment briefing emphasizes a sharp divergence between Bitcoin’s social buzz and the sector’s inward-facing funding mechanics. In Santiment’s framing, “Sentiment on Bitcoin has spiked to 2.23 bullish comments for every bearish one — the most lopsided positive ratio of 2026.” The analysis notes that past episodes with the strongest positive readings tended to be followed by short-term price pullbacks, while heavily negative readings often marked local bottoms. The current euphoria, the firm adds, sits against a backdrop of ETF flow conditions that warrant caution.

Meanwhile, data on spot Bitcoin ETFs paints a different mood. Friday marked the tenth consecutive trading day of outflows from spot vehicles, with cumulative net redemptions surpassing $2.97 billion since May 15. The trend points to a steady withdrawal of institutional exposure in the ETF space, even as social sentiment remains buoyant in some corners of the market.

What sentiment means for traders and investors

Crypto markets have long traded on a mix of social mood and on-chain reality, with investors weighing each signal against the other. Santiment’s analysis underscores a contrarian thread: when optimism surges to extreme levels, the probability of a near-term pullback can rise as participants take profits or reallocate gains. Conversely, severe pessimism has historically coincided with bottoms in price, leading some traders to adopt a patient, if watchful, stance.

Beyond the data, the reflexive dimension of sentiment matters. Tyler Winklevoss, co-founder of Gemini, has previously highlighted the paradox of crypto mood: “the sentiment in crypto right now is so bad that I’m actually pretty optimistic.” The sentiment-versus-price dynamic remains a central question for market participants who must reconcile social signals with the price action implied by ETF flows and on-chain activity.

Voices shaping the narrative

Industry observers are split on how much weight to give to social sentiment in a market increasingly shaped by institutions and regulation. Cory Klippsten, founder and CEO of Swan Bitcoin, argues that retail demand remains a critical driver of Bitcoin ownership. “It’s not like BlackRock owns the Bitcoin and Fidelity owns the Bitcoin. It’s a bunch of retail accounts, mostly that actually buy that,” he said, underscoring the ongoing influence of non-institutional buyers in a sector where retail participation remains sizable.

Another longstanding voice, Michael van de Poppe of MN Trading Capital, has described current sentiment as among the weakest he’s seen, even suggesting it surpasses what was observed during prior macro lows. “Worse than 2022, 2018. Nobody even believes in a future of crypto assets that are going to do well,” he remarked, signaling a clear risk of further near-term volatility if sentiment doesn’t align with any improving fundamental backdrop.

Amid the mix of optimism and caution, market watchers also note the broader sentiment barometer: the Crypto Fear & Greed Index showing an “Extreme Fear” reading around 23. Such readings frequently accompany periods of heightened uncertainty and can precede sharp reversals as participants reassess risk and rebalance portfolios.

Looking ahead: what to watch next

The tension between bullish social sentiment and the tug of ETF outflows creates a nuanced backdrop for Bitcoin’s near-term trajectory. Investors should watch two levers closely: whether ETF redemptions begin to ease, potentially signaling a reallocation that could support price, and whether social sentiment swings back toward moderation or remains stubbornly elevated despite weak inflows. If the current dynamic persists, volatility could remain elevated as market participants attempt to reconcile diverging signals about demand and participation.

The next phase will likely hinge on how regulatory clarity and macro conditions shape investor risk appetite, and whether retail demand can sustain itself in the face of ongoing ETF outflows. As always, readers should tether expectations to data as it unfolds, recognizing that sentiment indicators offer context but not a deterministic forecast.

Bitcoin ETF selling overwhelmed markets again after last week’s $1.42 billion outflow followed the previous week’s $1.26 billion outflow. 

BTC’s subsequent fall to $72,500 raised concerns that the price would slip back into the $60,000 to $70,000 range that BTC was locked in during February through April, but Cointelegraph’s reporting showed spot volumes kicking in to defend the $70,000 support. 

BTC/USDT aggregated spot volumes. Source: Velo 

Given the sizeable ETF selling, BTC inflows to Coinbase and futures market liquidations, the spot CVD data above suggests these dip buyers are not dominant.

Bitcoin exchange inflows, Coinbase. Source: CryptoQuant

Open interest heatmap data, on the other hand, does show nearly $300 million of open interest concentrated in the yellow band representing $73,000 to $74,000, where traders appear to have opened new leveraged long positions.   

Open interest heatmap, seven-day lookback. Source: Hyblock

While ETF outflows and redemptions sync with next-day BTC inflows to Coinbase exchange, and the knock-on effect of this selling is occasional long liquidations in the futures market, Hyblock’s bid-ask ratio metric (set to 10% aggregate order-book depth) shows a modest bid-side dominant orderbook, reinforcing the view that traders view prices below $75,000 as discounted and are buying as a result. 

BTC/USDT bid-ask ratio (10% depth) turns positive. Source: Hyblock

The indicator ranges from -1 to +1, with values above zero indicating an increasing imbalance in the orderbook structure.

The current longs perps and spot buying activity have not been sustainably sufficient enough to reverse the downtrend, but it is helping to absorb the selling and put a floor (or support) beneath Bitcoin price. 

Related: US has seized nearly $1 billion in Iranian crypto, Treasury secretary says

Beyond the technicals, in the short-term, a fresh set of narrative catalysts and newsflow focused on a peace deal between the US and Iran, positive spot BTC ETF inflows, falling crude oil prices and perhaps a White House statement on possible new additions to the Strategic Bitcoin Reserve are needed to trigger larger spot and futures positioning in BTC. 

The feeling toward Bitcoin on social media has reached its most bullish level of the year, even as the overall crypto market is down, according to crypto sentiment platform Santiment.

“Sentiment on Bitcoin has spiked to 2.23 bullish comments for every bearish one — the most lopsided positive ratio of 2026,” Santiment said in a report published on Saturday.

“The previous two biggest positive-ratio days of the year preceded short-term price pullbacks, while severely negative readings marked local bottoms. The current euphoria contrasts sharply with the bearish ETF flow picture and warrants caution,” Santiment said. Spot Bitcoin ETFs logged their tenth consecutive trading day of outflows on Friday, with total net redemptions exceeding $2.97 billion since May 15.

Source: Michael Sullivan

Crypto market participants often watch broader market sentiment to gauge how other investors feel and to inform their own decisions about whether to buy or sell, based on where they believe the market may be headed in the near term.

However, the market has historically moved in the opposite direction to what most market participants expect. “Extreme positive sentiment readings have historically preceded short-term pullbacks more often than continued rallies,” Santiment said. 

Some traders use this contrarian view accordingly. Around the time Bitcoin fell to its yearly low of $60,000 in February, Gemini founder Tyler Winklevoss said in an X post that  “the sentiment in crypto right now is so bad that I’m actually pretty optimistic.”

Source: Quinten Francois

The Crypto Fear & Greed Index, which measures overall crypto market sentiment, posted an “Extreme Fear” score of 23 on Saturday. MN Trading Capital founder Michael van de Poppe said that the current crypto market sentiment is the worst he has ever seen. “Worse than 2022, 2018. Nobody even believes in a future of crypto assets that are going to do well,” he added.

Related: Senator Lummis says China will ‘write the rules’ of the new financial era if CLARITY fails

While some argue that retail sentiment has become less important as institutional interest in Bitcoin has grown, others, including Swan Bitcoin CEO Cory Klippsten, disagree.

“It still does. You have to remember it’s not like BlackRock owns the Bitcoin and Fidelity owns the Bitcoin. It’s a bunch of retail accounts, mostly that actually buy that,” Klippsten said.

Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves

Bitcoin is trading at a crossroads, trading near the $70,000 level as buyers and sellers spar over the near-term path. A sustained hold above this threshold is seen by some bulls as essential to avert a drop toward February’s yearly low, while a breakdown could invite additional downside pressure.

On X, MN Trading Capital founder Michael van de Poppe framed the moment clearly: “Bitcoin is at a pivotal level, and if it doesn’t hold, we’re buying at <65K.” The remark underscores a market split between those who see durability above $70k as the base for a new leg higher and those who anticipate further pullbacks. At the time of publishing, Bitcoin was around $73,873, according to CoinMarketCap.

The broader market remains divided on whether the February 2024 dip to roughly $60,000 marked the cycle bottom or if there is more downside to come.

Key takeaways

• The $71,000 area is cited as a crucial support zone; failing to defend it could open the door to deeper corrections, while a hold above this level would reduce near-term downside risk.
• If Bitcoin this week maintains support, a breakout toward $76,600 could emerge, potentially signaling the start of a broader uptrend and a fresh round of momentum for select altcoins.
• Spot Bitcoin ETF outflows have persisted, with ten consecutive trading days of net redemptions and more than $2.97 billion withdrawn since May 15, according to Santiment Intelligence.
• Total assets in spot Bitcoin ETFs slipped from about $104.29 billion on May 15 to roughly $94.17 billion amid the recent outflow streak, highlighting a potential weakening of passive exposure even as prices hold.

Near-term test: can BTC defend $70k?

Analysts contrast the current setup with February’s breakdown. Van de Poppe argues that the recent structure is different from the earlier drop, stressing that the $71,000 zone is a decisive support level. In his view, holding this area is necessary to prevent a deeper correction and to set the stage for a possible rebound. If the price can sustain above this threshold, he suggests a path toward $76,600 could open, with a break higher potentially bringing in new highs and rekindling a broader market upswing.

A bullish path if support holds

Should Bitcoin sustain the current footing, the next leg up could come into view as resistance at $76,000 gives way. A clean breakout beyond that level would invite momentum into the market, potentially lifting sentiment across the crypto sector and elevating activity in altcoins. Van de Poppe characterizes such a scenario as a signal for an “Altcoin summer,” where a wave of capital could rotate into alternative assets as traders chase new highs.

ETF flows as a market thermometer

Beyond price action, market dynamics around exchange-traded products are feeding the debate about whether the cycle is bottoming. Santiment Intelligence noted a prolonged streak of outflows from spot Bitcoin ETFs, viewing the pattern as a contrarian indicator that may signal nearing capitulation has passed. The data show ten straight trading days of net withdrawals and cumulative redemptions nearing $3 billion since mid-May.

Meanwhile, the total assets held by spot Bitcoin ETFs slipped from about $104.29 billion on May 15 to approximately $94.17 billion by the end of the week, a roughly $10 billion decline in two weeks. This shift in passive exposure occurs even as prices hold in the mid-$70,000s, highlighting a tension between price action and fund flows that readers should watch for a potential inflection point.

Contrasting forecasts from veterans

Market voices remain varied. Veteran trader Peter Brandt suggested that a return to or below $60,000 could occur in 2026, implying the possibility of revisiting lower levels even if a short-term bottom holds. His outlook underscores a broader debate about the timeline of a sustained bottom and the readiness of risk markets for new highs. Separately, economist Timothy Peterson argued that Bitcoin could grind higher through the summer but would likely peak by the last week of July, a view that points to a muted pace rather than a meteoric rally.

These divergent forecasts emphasize a market in which technical levels, fund flows, and macro sentiment are all in play. The current setup—tempting resistance at pivotal levels, coupled with cautious ETF dynamics and mixed forward-looking commentary—suggests readers should anchor decisions on price action around key thresholds and inbound data rather than relying on a single signal.

Editors’ note: For price context and current levels, refer to CoinMarketCap’s Bitcoin page and related market commentary as conditions evolve.

What remains uncertain is whether the $70k floor will prove robust as traders await fresh catalysts. The coming days will reveal whether BTC can sustain above the crucial $71k–$72k region, whether a breakout above $76,000 can ignite a wider risk-on move, and how ETF flows will align with price action in the near term.

Bitcoin sits at a pivotal juncture as it hovers around the $70,000 level. A failed hold near this threshold could open a downside path toward the February yearly low, potentially pulling prices toward the mid-$60,000s. Traders are weighing whether the recent $60,000 bottom was the cycle’s low or if further weakness lies ahead.

As of publication, Bitcoin has traded in the mid to upper $70,000s after rebounding from a February trough near $60,000. Data from CoinMarketCap places the price in that vicinity, with the market watching whether the $70,000 support holds. The critical question for the near term remains whether the current level can sustain a bid or if a breach invites additional downside pressure.

Analysts are split on the outlook. Some argue the February dip marked the low for this cycle, while others warn that risk remains tilted to the downside until a firmer base is formed. Among those offering a nuanced view, veteran traders highlight the importance of concrete support at specific price zones as markets digest macro and sector signals.

Key takeaways

• A failure to hold above $70,000 could open a path toward the mid-$60,000s, with a notable risk of testing the February low. A break below the $71,000 area is seen by some as a trigger for a deeper pullback.
• If Bitcoin can defend the $71,000 zone, a rally toward roughly $76,000–$76,600 becomes more plausible, potentially setting the stage for a broader upside move and a favorable tilt for altcoins.
• Market voices diverge on timing. Peter Brandt has suggested that $60,000 may not be the bottom for 2026 and that a retest or a slight dip below that level could occur later in the year, while Michael van de Poppe argues that new lows are unlikely and emphasizes the importance of the $71k area as a defender of the uptrend.
• ETF flows offer a counterpoint to price action. Santiment Intelligence notes ten consecutive days of net outflows from spot Bitcoin ETFs, with total redemptions surpassing $2.97 billion since mid-May and total assets under management slipping from about $104.29 billion to $94.17 billion.
• Taken together, the combination of price levels, trader perspectives, and ETF flow data adds up to a market awaiting a decisive impulse—either a sustained hold at key supports or a breakout that could reignite broader risk-on momentum.

Bitcoin’s price rails: support, resistance, and the view from traders

Bitcoin’s near-term fate is being driven by a delicate balance at a few price points. The $70,000 level is widely viewed as a linchpin for the upside, but as long as it remains under pressure, a test of the February low remains on the radar for some traders. In commentary circulating in social feeds, MN Trading Capital founder Michael van de Poppe emphasized that Bitcoin sits at a pivotal level: if it cannot hold above $70,000, investors might be prepared to consider lower-price entries, potentially under $65,000. He also underscored that the $71,000 zone plays a crucial role in maintaining the current structure. “The $71K area remains to be a crucial support level, and that would be required to hold in this particular zone in order to prevent any deeper corrections, in my opinion,” he noted, describing a pattern that differs from February’s breakdown.

Conversely, a successful defense of current levels could unlock an upside path. Van de Poppe argued that if price holds and breaks through, BTC could advance toward roughly $76,600, with a breakout potentially signaling a fresh cycle for the broader crypto market and hinting at a renewed “Altcoin summer.” The same analyst suggested that new lows are not his expectation under the current setup, although he cautioned that the landscape remains sensitive to how price behaves near the critical support zone.

Other seasoned voices also weigh in. Peter Brandt, a long-time market veteran, suggested in March that $60,000 could be revisited in 2026 and that the price might retest or move slightly lower than that level in the near term—an outlook that refocuses attention on the risk of a deeper pullback, even if not the base case for many traders. Timothy Peterson, an economist and market observer, framed a more measured near-term view: Bitcoin could drift higher over the summer but is likely to top out by the last week of July, with the path remaining relatively lackluster in the interim. Such commentary illustrates the ongoing debate over whether the market is on the cusp of a new leg higher or carving out a longer consolidation beneath the major resistance highs.

ETF flows as a barometer: what the data suggest about a bottom

Beyond price, market resilience is also being examined through the lens of exchange-traded products. Santiment Intelligence flagged a continued outflow from spot Bitcoin ETFs, describing it as a potential contrarian signal about the market’s bottom timing. In their assessment, spot Bitcoin ETFs have experienced ten consecutive days of net redemptions, with total outflows exceeding $2.97 billion since mid-May. The impact on assets under management has been tangible: total net assets held by spot BTC ETFs declined from about $104.29 billion on May 15 to roughly $94.17 billion by late May/early June, a decline of approximately $10 billion in a two-week span.

These ETF dynamics—outflows amid a price that has stabilized near resistance—provide a nuanced backdrop for traders. For some, persistent redemptions could signal capitulation or a lack of buyers at current levels; for others, the data might imply the market is coiled for a turnaround once demand resurges at supportive zones. As always, ETF flows are one piece of a broader mosaic that includes on-chain metrics, macro factors, and price action around key technical levels.

In the broader context, observers also pointed readers toward ongoing discussions about retail sentiment and how it interacts with price signals. The evolving mix of price action, trader hypotheses, and ETF flow trends suggests that readers should stay attentive to how Bitcoin behaves around the $71,000–$72,000 ceiling and the $70,000 floor, while watching whether ETF outflows ease or intensify as the summer progresses.

What remains uncertain is how quickly a decisive impulse will emerge to tilt the balance back toward risk-on appetite or back toward a safer, cautious stance. For now, the market is waiting for a clear signal from price action and flows that either confirms a renewed uptrend above the $76,000 zone or justifies a more extended consolidation beneath it.

Looking ahead, traders will be watching two intertwined drivers: the price action around the critical support at $71,000–$70,000 and the evolution of ETF flows over the coming weeks. If price holds and a breakout above $76,000 materializes, the backdrop could favor a broader crypto rally. If not, a test of the mid-$60,000s remains plausible, reinforcing the notion that the path to a new cycle could still be subject to a test of patience and discipline in risk management.