Quick overview

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Cryptocurrencies started the week attempting to resume their upward trend, with Bitcoin (BTC) climbing back toward $77,000, up 1.3% on the day. Ether (ETH) followed the move, rising 1.4% over the past 24 hours to hover near $2,100.

Across the broader market, major tokens traded mostly higher. Binance Coin (BNB), Tron (TRX), XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) posted gains of up to 1.6%, while losses were concentrated in Monero (-1%) and HyperLiquid (-2%).

The session was shaped by thin liquidity conditions, as several major markets remained closed. U.S. markets were shut for Memorial Day, London was closed for the Spring Bank Holiday, and Argentina also observed a public holiday, limiting activity across key trading venues. The reduced participation likely amplified price swings in crypto markets.

Oil Drop and Bond Yields Fuel Risk Appetite

The main driver behind the rebound came from energy markets. Oil prices tumbled on growing expectations of a potential agreement between Washington and Tehran, easing inflation concerns and supporting risk appetite across global assets.

Donald Trump commented on Truth Social that negotiations with Iran are progressing “in an orderly and constructive manner,” while also noting he instructed his team not to rush a deal, arguing that time remains on their side.

At the same time, U.S. Treasury yields eased, providing additional support for risk assets. The 10-year yield retreated from the 4.6%-4.7% range to around 4.5%, while the U.S. dollar index slipped from roughly 99.2–99.3 to 98.7–98.8.

ETF Outflows Remain a Drag

Despite the price recovery, spot Bitcoin ETFs continue to show sustained weakness in investor flows. According to SoSoValue data, the products recorded six consecutive sessions of net outflows between May 15 and May 22, totaling approximately $1.55 billion.

The most significant outflow occurred on May 18, when redemptions reached $648.6 million, with BlackRock’s IBIT accounting for $448.4 million of that figure.

The persistent withdrawals remain one of the key headwinds for crypto markets, even as macro conditions turn more supportive.