$BTC

BTC dropped to $74,349 — its lowest level since early April. Fear & Greed at 28 — Fear. 47% green days over the last 30 days. The 200-day moving average has been falling since April 24, showing long-term weakness.

Tom Lee's bull market confirmation threshold — BTC closing May above $76,000 — has been broken. BTC is $1,651 below that line with 7 days left in the month. The threshold that defined May's narrative just failed.

SpaceX's cost basis is $35,324 per BTC — an average purchase price from late 2023. SpaceX is sitting on paper gains of roughly $789 million at current prices. The company revealed no plans for further acquisition or sales. The corporate accumulation story is intact. The price is not.

Lawmakers pushed a new Strategic Bitcoin Reserve Bill on May 21 — seeking to codify a US Bitcoin treasury with long-term demand implications. The US government already holds 328,372 BTC from seizures. The legislative push and SpaceX's disclosure landed in the same week. Both are structural. Neither is near-term price support.