Bitcoin (BTC) deepened six-week lows at Friday’s Wall Street open as US stock markets diverged to all-time highs.

Key points:

• Bitcoin sinks closer to $72,000 as analysis eyes “crucial” BTC price levels.
• US-Iran ceasefire talks send stocks to even higher records as the crypto divergence continues.
• Bitcoin’s 100-day moving average gains significance as a battleground for bulls.

BTC price analysis sees “crucial” range now in play

Data from TradingView showed BTC/USD dropping to $72,395 on Bitstamp to start the US TradFi trading session.

BTC/USD one-day chart. Source: Cointelegraph/TradingView

Continuing a losing streak from recent weeks, the pair again saw downside pressure, even as stocks surged further into price discovery.

The S&P 500 started Friday with new record highs, while the Dow Jones Industrial Average did likewise.

S&P 500 vs. Dow Jones one-hour chart. Source: Cointelegraph/TradingView

Anticipation of a lasting ceasefire between the US and Iran drove the momentum, even as military strikes continued.

Commenting, trader and analyst Michaël van de Poppe argued that geopolitical changes could still save the Bitcoin price trend.

“Bitcoin is about to collapse to lows, if this level of support doesn’t hold. That’s just the reality,” he wrote in a post on X. 

“Anything between $72,000-74,000 is crucial and could be the end of the correction, especially if Trump comes with a new deal –> rates go down –> oil goes down –> risk-on assets (especially crypto) go higher.”

BTC/USDT one-day chart. Source: Michaël van de Poppe/X

Van de Poppe suggested that $77,000 was the line in the sand to start the “next leg upwards.”

“If that doesn’t happen, then we’re about to witness another leg towards the lows and probably new lows on the altcoin markets,” he added.

Weekly close tipped to see extra volatility

Continuing the general sense of caution among Bitcoin market participants, trading account CGT Trader warned that BTC long positions could face liquidation next.

Related: Bitcoin bids farewell to CME futures gaps with $67K still on radar

“Long squeeze loading …. Price continues to range while funding stays heavily positive and open interest keeps declining. That usually suggests the market is still leaning aggressively long, even as some participants are already closing positions and derisking,” an X post read. 

“At the same time, spot volume continues to fade, which points toward underlying weakness. Given these conditions, a long squeeze looks increasingly likely.”

Binance BTC/USDT futures order-book data. Source: CGT Trader/X

Data from CoinGlass showed the total 24-hour cross-crypto liquidations passing $200 million at the time of writing.

Crypto liquidation history (screenshot). Source: CoinGlass

Looking ahead, trading resource Material Indicators told followers to “expect volatility” on Bitcoin as Sunday’s joint daily, weekly and monthly close approached.

“We have a cluster of liquidations around $76k and a developing H & S pattern that could take price down to the Q2 Timescape R/S Levels in the$68k – $69k range,” it noted, referring to data from its proprietary trading tools. 

“The big tells will be whether bulls can rally from the 100 DMA, and how Weekly RSI is trending after the W close.”

BTC/USD one-hour chart with 100-day SMA. Source: Cointelegraph/TradingView

Material Indicators referenced the 100-day simple moving average, currently at $72,972.

TLDR:

• Bitcoin ETF outflows surpassed $4 billion during one of 2026’s largest withdrawal phases.
• Santiment data shows major ETF outflow spikes often emerge close to Bitcoin market bottoms.
• Whale wallets and retail traders are simultaneously increasing spot Bitcoin accumulation activity.
• Thin liquidity above $74K may accelerate Bitcoin price movement if bullish momentum strengthens.

Bitcoin ETF outflows have crossed $4 billion since May 7, reflecting rising caution among institutional and retail investors.

However, fresh CVD data and weakening sell-side liquidity suggest Bitcoin could be approaching a critical turning point after weeks of aggressive market pressure.

Bitcoin ETF Outflows Signal Investor Capitulation

According to Santiment data, cumulative withdrawals from spot Bitcoin ETFs now exceed $4.013 billion within three weeks.

The heavy selling pressure reflects a sharp decline in confidence across mainstream investment markets. Institutional investors, hedge funds, wealth managers, and retail traders have all contributed to the latest wave of capital exits.

Santiment noted that extreme Bitcoin ETF outflows historically appeared during emotionally driven market conditions.

Similar patterns emerged during November 2025, when ETF products recorded nearly $903 million in daily withdrawals before Bitcoin staged a recovery rally.

Another major outflow event occurred on May 27, 2026, when roughly $738 million exited spot Bitcoin ETFs. The latest selling trend now ranks among the largest sustained withdrawal periods since spot Bitcoin ETFs launched in the United States.

The analytics platform also pointed out that previous inflow spikes coincided with overheated market conditions. In July and October 2025, billion-dollar ETF inflows arrived near local Bitcoin highs as bullish sentiment intensified across the market.

By contrast, current Bitcoin ETF outflows suggest investors are reducing exposure after prolonged uncertainty and weakening momentum. Market fear has increased steadily as traders react to broader macroeconomic pressure and persistent volatility.

Bitcoin CVD Data Shows Buyers Returning

Despite continued Bitcoin ETF outflows, recent cumulative volume delta data paint a more constructive market structure beneath the surface. Santiment reported that buying activity has started increasing across nearly every major order cohort.

Retail traders executing smaller orders have returned to spot accumulation. At the same time, whale-level participants between $100,000 and $10 million are also rebuilding exposure after earlier distribution phases.

This alignment between smaller investors and larger wallets often strengthens bullish momentum during recovery periods. Historically, synchronized spot buying has preceded stronger Bitcoin expansion phases when liquidity conditions remain favorable.

The report also identified the $74,000 region as a key resistance level for Bitcoin. Market heatmaps indicate relatively thin sell-side liquidity above that zone, reducing the number of major sell walls overhead.

Analysts often describe such conditions as a liquidity gap, where aggressive buying pressure can trigger faster upward price movement.

If Bitcoin breaks above resistance with strong volume, short covering and renewed momentum could accelerate price action quickly.

While macroeconomic risks remain, current CVD trends suggest stronger hands are quietly absorbing supply during the latest phase of market weakness.

TLDR:

• Kalshi secured approval for the first regulated bitcoin perpetual futures contract in the U.S.
• Coinbase received CFTC relief to route clients into offshore crypto perpetual futures markets.
• The CFTC classified certain crypto perpetuals as foreign futures under Regulation 30.1.
• Regulators introduced leverage safeguards while expanding crypto derivatives market access.

CFTC crypto perpetual futures entered a new regulatory era after the agency approved Kalshi’s bitcoin perpetual contract and cleared Coinbase’s foreign derivatives structure.

The decisions establish the first workable framework for regulated crypto perpetual trading in the United States. This will help in expanding institutional access to offshore markets.

CFTC Opens Door for Regulated Bitcoin Perpetual Futures

CFTC crypto perpetual futures moved into the spotlight after regulators approved Kalshi’s BTCPERP contract on Friday.

The approval creates the first regulated pathway for bitcoin perpetual futures trading inside the United States. Until now, most crypto perpetual activity operated through offshore platforms beyond direct U.S. oversight.

The Commodity Futures Trading Commission confirmed that Kalshi’s contract must comply with the Commodity Exchange Act and existing market standards.

The agency described the move as part of a broader effort to create a workable structure for digital asset derivatives products.

Bitcoin perpetual futures differ from traditional futures because they carry no expiration date. Traders can maintain positions indefinitely while speculating on future crypto price movements.

These contracts have become one of the most actively traded products across global crypto exchanges because they offer constant market exposure.

Kalshi CEO Tarek Mansour said the approval represents the company’s expansion beyond prediction markets into regulated derivatives trading.

In a company statement, Mansour noted that regulated perpetual contracts could improve capital allocation and strengthen risk management for U.S. businesses seeking crypto exposure.

CFTC Chairman Mike Selig also backed the development, describing perpetual futures as an important tool for risk management and price discovery across crypto markets.

He added that bringing crypto perps onshore aligns with broader efforts to position the United States as a major digital asset hub.

Coinbase Gains Access to Offshore Crypto Perpetual Markets

Alongside the Kalshi approval, the CFTC issued a no-action letter involving Coinbase Financial Markets and Deribit FZE.

The guidance allows Coinbase’s registered futures commission merchant subsidiary to connect customers with foreign perpetual futures and options products through Coinbase Bermuda.

The agency confirmed that the perpetual contracts referenced in the letter qualify as foreign futures under Commission Regulation 30.1.

The arrangement also permits certain customer-owned crypto assets, including bitcoin, ether, and payment stablecoins, to serve as margin collateral under specific conditions.

Coinbase Chief Legal Officer Paul Grewal called the decision a major step for the crypto industry. The guidance gives U.S.-linked clients broader access to offshore perpetual markets while operating within a defined regulatory framework.

The announcements arrived shortly after President Donald Trump criticized previous U.S. crypto policies for pushing perpetual trading activity offshore.

Trump argued that earlier regulatory pressure weakened domestic innovation while global crypto derivatives markets continued expanding outside the country.

Despite the approvals, the CFTC’s current position remains guidance-based rather than fully codified under permanent rules.

Still, the latest actions establish a clearer framework for crypto derivatives firms seeking regulated access to perpetual futures markets in the United States.

Key Highlights

• First-quarter FY2027 product revenue reached $1.334 billion, marking a 33.9% year-over-year increase and exceeding consensus by 5.3%
• Cortex Code (CoCo), Snowflake’s AI-powered product, expanded to more than 7,100 customer accounts following its February 2026 launch
• HSBC elevated its rating to Buy with a price target increase from $176 to $289
• Analyst price targets climbed across the board, with Monness, Crespi, Hardt establishing the highest at $320
• The company strengthened collaborations with AWS and OpenAI while revealing acquisition plans for AI company Natoma

Shares of Snowflake (SNOW) climbed approximately 3.6% to the $239.20 level following the cloud data company’s first-quarter fiscal 2027 earnings release, which exceeded analyst projections for both top-line and bottom-line performance. The advance comes on top of a 39% rally during the week preceding the earnings announcement.

Snowflake Inc., SNOW

The company reported product revenue of $1.334 billion for the quarter, representing a 33.9% gain from the same period last year. This figure surpassed the FactSet consensus estimate by 5.3%. Operating income exceeded expectations by 35.2%.

Management increased full-year projections and enhanced operating margin guidance by 100 basis points. The company maintained its FY2027 product gross margin outlook at 75%.

Much of the quarter’s outperformance stems from robust adoption of Snowflake’s artificial intelligence offerings, particularly Cortex Code, known internally as CoCo. Since becoming generally available in February 2026, the solution has expanded to over 7,100 client accounts.

Executives identified CoCo as the primary catalyst for upgrading FY2027 guidance. The rapid adoption trajectory is notable given the product has been widely available for less than half a year.

The company’s foundational data platform consumption has also accelerated. Enterprises are migrating workloads to Snowflake more aggressively to enable governed AI revenue applications, which simultaneously boosts direct AI-related revenue and overall platform utilization.

Wave of Bullish Analyst Revisions

HSBC delivered the most significant rating change, elevating SNOW from Hold to Buy while raising its price objective from $176 to $289. Analyst Stephen Bersey highlighted CoCo as the most tangible evidence of Snowflake’s capacity to generate revenue from artificial intelligence.

Monness, Crespi, Hardt established an even more ambitious target of $320. Benchmark increased its forecast to $270, pointing to unprecedented sequential dollar expansion. Cantor Fitzgerald set a $282 target. Truist Securities positioned its estimate at $275, while Freedom Broker projected $300.

This coordinated wave of upgrades signals a fundamental reassessment of Snowflake’s growth potential across the analyst community.

Strategic Partnerships and M&A Activity

The company unveiled expanded strategic relationships with AWS and OpenAI, strengthening its footprint within the enterprise artificial intelligence infrastructure. Snowflake also disclosed intentions to purchase Natoma, an emerging AI firm, though financial details remain undisclosed.

These strategic initiatives broaden Snowflake’s presence throughout the AI landscape — spanning both cloud computing infrastructure and practical AI application development.

During the earnings call, leadership acknowledged potential headwinds. Escalating AI infrastructure costs and execution risks related to scaling recently launched products were identified as areas requiring close monitoring.

Snowflake continues to operate at a loss on a trailing twelve-month basis. Nevertheless, analysts currently project the company will achieve profitability during the current fiscal year, with consensus EPS estimates of $2.83 for FY2027.

InvestingPro noted that the stock may be trading above fair value at present levels, despite the strong earnings performance and elevated guidance.

Year-to-date, SNOW shares have advanced 9.04%, with the company’s market capitalization standing at approximately $60.75 billion based on recent trading data.

TLDR:

• TRX price dropped from $0.375 to $0.346, resetting the daily RSI from above 74 down to nearly 43.
• SunPump Token Create Events collapsed nearly 70% vs. its three-month baseline, signaling fading meme-coin hype.
• TRON active addresses rose 17% month-over-month, holding a strong daily average of roughly 6 million users.
• Tron Inc. bought 141,433 TRX at $0.3535, pushing total treasury holdings past 698 million TRX tokens.

TRX, the native token of the TRON blockchain, has retreated sharply over the past 48 hours. The price has slid from a local high near $0.375 to around $0.346.

Alongside this drop, the RSI on the daily chart has reset from overbought levels above 74 to approximately 43.

On-chain data, however, tells a more nuanced story — one where base utility continues to hold even as speculative activity cools.

SunPump Activity Collapses as Meme-Coin Hype Retreats

The most telling signal behind this TRX correction is the steep decline in meme-coin creation on the TRON ecosystem.

SunPump Token Create Event Count has fallen by 58% compared to last month. Against its three-month baseline, the drop is even steeper — nearly 70%, with near-zero events recorded in recent days.

This kind of speculative pullback is not unusual following a sharp price run-up. Markets often attract short-term participants drawn by momentum rather than fundamentals. When that momentum fades, token creation activity tends to dry up alongside it.

Source: Cryptoquant

What makes this particular data point relevant is that SunPump activity had been one of the visible drivers of elevated TRX sentiment. As that layer of hype deflates, the price naturally adjusts to reflect a lower speculative premium on the asset.

The sharp decline in meme-coin events does not mean the TRON network is losing users or transaction volume. It simply removes a layer of froth that had been priced into TRX during the run-up phase.

Active Addresses and Transaction Volume Remain on Solid Ground

Despite the retreat in speculative metrics, TRON’s core usage data has held firm. Active addresses have actually grown by 17% over the past month. The network continues to process a strong daily average of roughly 6 million active addresses.

Total daily transaction counts are also stable, maintaining more than 12 million transactions per day. This level of consistent on-chain activity points to a network that is still in active use beyond the meme-coin cycle.

Adding another layer to the picture, Tron Inc. (NASDAQ: TRON) disclosed a fresh treasury purchase. The company acquired 141,433 TRX tokens at an average price of $0.3535, bringing its total TRX treasury holdings to over 698 million TRX. The move reflects ongoing institutional conviction in the token even through the price correction.

This structural divergence — collapsing speculative activity alongside stable core usage — sets up a potential reset toward sustainable pricing.

Traders are now watching whether the $0.34 zone can establish itself as a fundamental support level rather than a temporary liquidity flush.