Peak bearishness. ETF outflows ended. Watch this signal.

Bearish sentiment just hit a cycle peak. That’s historically when BTC bottoms. ETF outflows ended yesterday. JPMorgan, BofA, and Citi are going on the blockchain offensive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Friday, June 5, 2026   Bitcoin sentiment just hit its peak bearishness of this bear market — and if history holds, that’s exactly when you should be paying closest attention. Santiment data shows bearish social commentary reached its highest level at the recent price lows, while bullish commentary peaked near the October tops. The contrarian read: the crowd is most wrong at the extremes. Crucially, the 13-session, $4.4 billion ETF outflow streak ended Thursday with a net $3.05 million inflow. One of the three ifs Standard Chartered outlined yesterday may be starting to close. Have a good weekend. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $63,729 +1.87% ETH $1,788 +2.17% SOL $78.42 +1.84% XRP $1.22 +1.42% Prices approximate. Visit coindesk.com/price for live data. A message from CME Group The cryptocurrency market never sleeps, and neither should your ability to manage your exposure and capture opportunities. With institutional and active trader interest in digital assets continuing to grow, having access to reliable, continuous trading is more critical than ever. Building on this momentum, our comprehensive suite of Cryptocurrency futures and options contracts — available in both larger and Micro sizes — allow you to trade around the clock across major digital assets. What are the key advantages of 24/7 trading? Continuous performance: Trade 24 hours a day, seven days a week. Proven liquidity: Join a marketplace that handled over $3T in notional volume in 2025. Regulated marketplace: Benefit from the same transparency and oversight you trust — soon available every hour and every day. Don’t just watch the market — trade its potential. Find out more CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. What matters today Markets   Story 1 of 3 Bitcoin sentiment hit peak bearishness at the lows. Historically, that’s the signal — and ETF outflows just ended. Santiment data shows that bearish social commentary across X, Reddit, and Telegram reached its highest level of this bear cycle precisely at the recent price lows — while bullish commentary peaked in October at the $126,000 top. The pattern is a well-documented contrarian signal: crowds are most consistently wrong at the extremes, and peak fear has historically preceded recoveries in BTC. That thesis got its first data point Thursday: the 13-session, $4.4 billion spot bitcoin ETF outflow streak ended with a net $3.05 million inflow — a rounding error in dollar terms, but symbolically significant as the first positive session in nearly three weeks. Ethereum ETFs also ended a 17-session outflow streak. Crypto is on course for its worst week since July 2024; whether this marks the turn or a pause before further weakness depends on the macro picture heading into the weekend. Read more → Finance   Story 2 of 3 JPMorgan, Bank of America, and Citi are going on the blockchain offensive with a shared tokenized network. America’s three largest banks — JPMorgan, Bank of America, and Citi — are planning to launch a shared tokenized deposit network next year, a direct response to the threat of stablecoins eroding bank deposit bases. The network would allow customers to move tokenized dollars between participating institutions in real time, settling on a shared blockchain rail rather than through traditional correspondent banking. The move marks a significant escalation of the TradFi blockchain offensive: it comes the same week that Mastercard began settling transactions in USDC and PYUSD across six chains, and Stripe, Visa, and Mastercard were named as backers of a new stablecoin platform. The banks’ calculation is that a regulated, bank-issued tokenized deposit network can compete with stablecoin settlement on speed and convenience while preserving FDIC protection and the banking relationship. Read more → Markets   Story 3 of 3 Arthur Hayes dumped his ZCash holdings after the Orchard Pool vulnerability was revealed. Arthur Hayes disclosed he exited his entire ZCash position after a vulnerability was identified in the Orchard Pool — ZEC’s primary privacy protocol — that researchers say could theoretically allow counterparty tracing under specific conditions. Hayes had built the position partly on the privacy coin thesis that drove ZEC and XMR higher earlier this month, but said the exploit changed the risk calculus entirely: “the whole point of a privacy coin is that it’s private.” ZEC fell sharply on the disclosure. Hayes separately confirmed he has also exited his HYPE position well below his publicized $150 price target, citing macro risks and AI capital rotation — an exit that drew sharp criticism from traders who had entered on the back of his bullish public commentary. Both exits in a single week put Hayes’ recent crypto advocacy in an uncomfortable light. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences