May opened at $77,051. It closes at $77,854. Essentially flat. Behind that flatness: the CLARITY Act cleared committee for the first time in history. Warsh took the Fed chair. Moody's stripped the US of its last Aaa rating. The Senate curbed Trump's war powers 50-47. $657 million in liquidations hit in a single session. Nine consecutive days of ETF inflows were followed by $1 billion in weekly outflows. BTC touched $82,300 and fell back to $76,690 in the same week.

The month that changed regulation ended with the price unchanged. That is what accumulation phases look like from the inside.

CoinShares data confirms rotation from BTC into XRP and SOL ETF products this week — the altcoin cycle begins when BTC dominance peaks and capital seeks higher-beta infrastructure plays with regulatory catalysts ahead. BTC dominance has been falling from 60% since May 6. That is the signal.

June calendar: CME Bitcoin volatility futures

June 1. CME Nasdaq Crypto Index futures

June 8. SpaceX IPO

June 11. FOMC

June 16–17. CLARITY Act Senate floor vote. XRPL bug-fix amendment May 27.

The direction changed in May. The price didn't follow yet. It rarely does immediately.