Risk Appetite Returned But Bitcoin Demand Is Slowing
Bitcoin Correlations Report, May 2026
Market conditions have changed materially over the last month.
Not just for Bitcoin itself, but across the broader market environment that drives risk appetite and capital allocation.
After months of unstable and defensive positioning, flows are starting to move differently again. And those changes affect Bitcoin as it rarely trades independently from the broader direction of market liquidity and investor positioning.
So in today’s report we want to step back from the day-to-day volatility and look at what the current flow dynamics are actually telling us about the state of the market in which Bitcoin evolves.
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