May is over, and BTC ended up right where it started. The price hasn’t changed, but the flow of money has. A week ago, BTC was still at 77k, touched 72.5k on Thursday, and is at 73.8k today. A whole month of going nowhere, while the S&P has been up for nine straight weeks. Same macro environment, two completely opposite outcomes. The stock market is betting on a soft landing, while crypto is trading on tightening liquidity. One of them has to be wrong. In May, ETFs saw over $2 billion flow out, with institutions selling crypto and buying stocks. Will this trend continue in June? This week’s ISM and PMI data will give us the answer. Honestly, I’m not sure which side will win. But when two markets give opposite judgments on the same issue, convergence is only a matter of time. First week of June, it’s not about levels, it’s about direction. S&P or Bitcoin—who admits they’re wrong first will set the tone for this summer.