Bitcoin briefly traded above $82,000 last week but faced a sharp rejection, plunging more than $7,000 over the following days to a monthly low near $75,000 overnight.
Below are several likely factors behind this correction.
Trump Media and Cuban Sell-Offs
CryptoPotato reported yesterday that a wallet linked to Trump Media Group—operated by members of the Trump family—moved over $200 million worth of bitcoin to exchanges, suggesting an intent to sell. The group performed a similar action about four months ago and is currently in a loss on its BTC holdings, which were acquired near bitcoin’s all-time high.
Adding to selling pressure, billionaire investor Mark Cuban publicly said he had sold most of his bitcoin holdings after losing confidence in the asset’s effectiveness as a hedge against weakening fiat currencies and geopolitical instability. He cited bitcoin’s price behavior during the recent conflict with Iran as a reason his conviction weakened.
Separately, on-chain data compiled by Ali Martinez from Santiment shows other investors sending large volumes of BTC to exchanges: roughly $745 million worth of bitcoin moved to trading platforms in a five-day span. Historically, significant transfers to exchanges tend to increase near-term selling pressure because many holders send assets to exchanges specifically to sell.
9,664 Bitcoin $BTC, worth over $744 million, have been sent to exchanges over the last five days. pic.twitter.com/FxmMTC3QJi
— Ali Charts (@alicharts) May 22, 2026
Warsh’s Fed Role and Geopolitical Tensions
Bitcoin’s decline also followed the swearing-in of Kevin Warsh as Chair of the Federal Reserve. Analysts have highlighted that his stance on the Fed’s balance sheet poses a more direct risk to crypto markets than his title alone. Warsh has previously argued that the Fed’s balance sheet is too large and has signaled openness to quantitative tightening—an approach that has historically pressured risk-on assets, including cryptocurrencies.
Geopolitical developments added further uncertainty. Reports late last night indicated that the U.S. President has intensified plans for a “fresh round” of military strikes against Iran after talks failed to secure a permanent agreement. CBS reported that the President and some members of the military and intelligence community canceled Memorial Day weekend plans in anticipation of potential operations.
Previous conflict-related developments have influenced bitcoin’s price, and the prospect of renewed military action is generally unlikely to boost risk assets. Taken together—the sizable transfers to exchanges, high-profile sell-offs, tightening monetary policy risks, and renewed geopolitical tensions—these factors increase the likelihood of additional downward pressure on bitcoin, particularly if hostilities escalate or the ceasefire collapses.