May 18–May 24, 2026 #LookonchainWeeklyReport
🟢 Overview
Stablecoin liquidity fell $687M, and DEX spot and perp volumes both declined. Public companies still added 612 BTC ($47.5M), while Strategy and Bitmine paused buying.
🟢 Stablecoin Market
The total stablecoin market cap decreased by $687M.
🟢 Spot & Perps Trading Volume on DEXs
🟢 Protocol Revenue
🟢 Last week, 4 companies increased their holdings by 612 $BTC(+$47.5M).
🟢 Institutional/Whale Activity
Michael Saylor(@saylor)'s @Strategy and Tom Lee(@fundstrat)'s #Bitmine didn't buy BTC or ETH last week.
$BTC
This is a key chart to be watching right now.
While BTC's structure looks a bit uncertain, USDT.D is much clearer.
As long as we hold the grey box, (the previous lows) , USDT.D remains bullish, which likely means continued chop for BTC.
However, if that grey box is lost, the 76K highs come back into play, with a potential breakout from the falling wedge pattern.
To add some historical context: not all bids always get filled.
So, even if there’s a massive buy wall reaching down to the 45K range, it doesn’t necessarily mean the $BTC will reach that level.
Sometimes, bids are left unfilled or used as spoof to lure prices lower.
That said, buying spot anywhere from the current price (67K) down to the mid-50K range will likely be exceptional long-term entries, positions you’ll look back on favorably a year from now.
Remember, we don’t need to fill every single bid; there’s often an opportunity to front-run them.
You already know my long term spot plan, I have been filled on spot entries at 69K, 65K & 60K.
Reference for my HTF Plan:
What Im doing... $BTC
Most of you know I’ve been shorting since $120K, and I’m still holding a swing short from $72.8K, which I posted roughly 3 weeks ago. That said, trading and investing are 2 very different approaches, so I want to clarify what I’m doing from an investor perspective.
From an investor standpoint, I’m gradually adding to my spot positions. The rationale is simple: the RR for downside vs. upside is skewed. Markets are rigged to go up. BTC has already corrected 51% from its highs, and I believe the most we might see is another 10–15% downside before a macro bottom forms.
When investing and scaling into spot, I don’t focus on catching the exact bottom, I scale gradually as opportunities present themselves.
This is where confusion often arises: I am buying spot as an investor while trading trend and structure as a trader, two completely separate objectives. While the overall structure remains bearish, I’ve favored shorts at range highs, as I mentioned in my recent YT video.
My swing short from $72.8K is part of this strategy. I may take scalps in between, but in terms of macro perspective, I estimate another 4–6 months before we reach a full bottom.
This also means we should be prepared for increased chop. So yes: as a trader, I’m shorting from the highs; as an investor, I’m gradually accumulating. Two strategies, different goals, same market.
To be clear: as a trader, I’m trading the trend; as an investor, I’m gradually buying into the spot market.
Two strategies, different goals, same market.
Another $ETH super bull is here.
A newly created wallet, 0x6C85, deposited 12.88M $USDC into #Hyperliquid to go long $ETH with 20x leverage.
So far, he has opened a long of 16,270 $ETH($33.38M)
https://t.co/1BJDwmip6z