The crypto market is experiencing significant pressure. Withdrawal transactions from exchanges continue to decline, although prices briefly rose in mid-May when ETH ETFs became a reality.

After the Dencun update, ETH changed from a deflationary to an inflationary token due to lower gas prices and less burning. Although market leaders may have predicted this, full demand for ETH does not appear to have been realized.

However, optimism remains for BTC. On-chain analysis shows upside potential, despite the overall market sluggishness. Stay alert and monitor further developments.