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Hello, I'm your investment guide and an energetic senior analyst in the blockchain market! The cryptocurrency market has recently been showing roller-coaster-like volatility. However, even amidst this confusion, we must find a wise path based on cool-headed analysis and facts. Today, May 29, 2026, let's examine the major issues in the current market together. We won't just say 'it fell' or 'it rose,' but we'll also look into 'why' such movements are occurring.
Bitcoin recently showed an unstable trend, giving up the $73,000 mark. Large-scale fund outflows from major Bitcoin spot ETFs, including BlackRock, have occurred for 8 consecutive trading days, putting significant pressure on the market due to institutional investors' selling spree. In particular, the deposit of $520 million worth of BTC from BlackRock's IBIT alone to Coinbase in the past hour, while seemingly part of operational processes like redemptions, acted as significant selling pressure on the market.
Behind this downturn, geopolitical risks in the Middle East are playing a significant role. Tensions between the US and Iran have escalated again, causing oil prices to surge, which has led investors to shun risky assets like Bitcoin and favor safe-haven assets. JPMorgan also analyzed the simultaneous outflow of funds from Bitcoin and gold ETFs as a 'cooling of currency value decline trades,' diagnosing a decrease in demand for inflation and geopolitical risk hedging.
However, not all indicators are negative. Some analysts mention that Bitcoin has tended to rebound in the year following underperforming the S&P500, raising the possibility that Bitcoin could outperform the S&P500 this year. Furthermore, the fact that $30 million poured into Kraken's Bitcoin Vault product, which offers a 2.5% annual return, in just 10 hours is a good sign, demonstrating long-term holders' continued confidence in Bitcoin.
Ethereum, like Bitcoin, could not avoid the bear market. In particular, Ethereum spot ETFs experienced fund outflows for 12 consecutive trading days, leading to the shocking collapse of the $2,000 mark. On-chain analytics platform Santiment warned that the market's excessive spread of dip-buying expectations could actually indicate a short-term further decline.
Nevertheless, positive long-term outlooks still exist. Standard Chartered maintained its previous forecast that Ethereum will reach $40,000 by 2030. The current downturn is similar to Amazon's stock plunge during the 2001 dot-com bubble, with network internal metrics improving but token prices failing to reflect this. This can be interpreted as an attractive signal for investors who believe in long-term technological growth potential.
XRP recently saw a 'buy' signal and garnered attention for a potential rebound to $1.35, but it has actually been having a tough time, falling below $1.30 and reaching its lowest point since April. Large-scale movements by whale investors and increased selling pressure are fueling the price decline.
However, the Ripple camp claims that anti-crypto forces in the US have been defeated by the courts, voters, and President Trump, offering a positive outlook that the US will provide regulatory clarity to the crypto industry. In particular, the possibility of the 'Clarity Act' passing and news of Ripple's banking license are factors that raise expectations for XRP's integration into the mainstream financial system. However, some senators have raised 'illegal' claims regarding Ripple's banking license, indicating that regulatory uncertainty still remains.
Interestingly, Wall Street institutional investors are observed to be accumulating XRP, contrary to the cool reception from retail investors. This seems to be based on a long-term vision that XRP will play a key liquidity role in institutional payment networks. Furthermore, an event in Japan that gives XRP to all attendees of a free investment seminar is a good opportunity to raise awareness of XRP among traditional financial investors.
While Bitcoin and Ethereum falter, the altcoin market is seeing a quiet accumulation as money circulates. As the analysis suggests, "a bull run where everything rises together won't come," meaning the era has arrived where the choice of individual altcoins dictates returns.
In the United States, there is active movement to provide regulatory clarity for the cryptocurrency market. The Treasury Secretary's statement that there will be no CBDC under the Trump administration, along with the SEC Chairman's declaration that "the era of anti-innovation is over" and his commitment to provide regulatory clarity to the digital asset market, are clearly positive changes. Furthermore, the CFTC's application to nullify its fine settlement with Gemini is also interpreted as reflecting a shift towards a crypto-friendly stance.
Domestically, the entry of traditional financial institutions into the cryptocurrency market is accelerating, with KakaoBank planning to launch a KRW stablecoin wallet service and Korea Investment & Securities acquiring a stake in Coinone with OKX. However, movements to strengthen regulation, such as tax policies on interest-bearing coins and the establishment of a police anti-money laundering task force, are also emerging, requiring investor caution.
Global macroeconomic conditions are also significantly impacting the market. Analyses suggesting that market liquidity could be absorbed by the US Treasury's large-scale fundraising, the Fed Vice Chair's remarks on inflation risks, and the Bank of Korea's decision to freeze the base rate are all crucial variables determining the direction of the cryptocurrency market.
Currently, the market is intricately entangled with various signals. The outflow of ETF funds from Bitcoin and Ethereum, along with downward pressure from geopolitical risks, are undeniable realities. However, simultaneously, the anticipation of improved regulation for XRP, the strong performance of Hyperliquid and AI sector altcoins, and the continuous interest from traditional financial institutions are also bright signals demonstrating the market's potential.
At times like these, it is crucial not to be swayed by unfounded optimism or blind fear, but to analyze the market cool-headedly based on data and facts. Rather than being overly concerned with short-term volatility, it is important to evaluate the value and technological capabilities of each project from a long-term perspective and respond flexibly to market trends. I always support your wise investments and look forward to bringing you more good news in the next column!
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