US-led selling pressure has dominated BTC since late May, with US selling pressure hitting -76.6% in May W4, the weakest reading YTD. Asia and the EU stayed balanced throughout. Key drivers from industry: 🟠 Worst monthly ETF outflows YTD — 4 consecutive weeks, US$2.4B left in May 🟠 Strategy first BTC sale since 2022 — while sitting on ~US$11B unrealized losses across 843K BTC The move is being amplified by a tougher macro backdrop: 🔴 Inflation accelerating — May CPI hit 4.2%, up from 3.8% 🔴 Payrolls still hot — 172K vs 80K expected 🔴 Full hawkish reversal — 4 cuts priced at start of 2026 → ~2 hikes by early 2027 🔴 Capital rotating out — AI equities correcting, SpaceX IPO competing for flows With ETF outflows, hawkish repricing, and Strategy's sale now priced in, the focus shifts to when demand returns and what crypto-native or policy catalysts could drive it.