Bitcoin’s drawdown looks disorderly, but several late-cycle stress signals are flashing. Record ETP volumes point to capitulation, whale selling has paused and reversed, and price is now below miners’ production costs. Historically, that combination has marked areas of downside exhaustion rather than the start of a new leg lower. Learn more: https://coinshares.com/insights/research-data/market-update-06-02-2026/?utm_source=twitter&utm_medium=social&utm_campaign=Research-data_MarketUpdate_06022026&utm_content=carousel_NA_bitcoin-declining-why(CoinShares)