May closes at $73,105. Down 5.1% on the month. The worst monthly close since February.

Behind it: the most consequential regulatory month in crypto history. The CLARITY Act cleared committee. Warsh took the Fed. Moody's stripped the US of its last Aaa rating. VanEck launched the first BNB ETF. SpaceX disclosed $1.29 billion in BTC. $2.6 billion left Bitcoin ETFs in eight days.

The price fell. The architecture did not stop building.

June opens with: CME 24/7 futures live now. SpaceX IPO June 11. FOMC June 16–17. CLARITY Act Senate floor vote. Warsh's first rate signal. Iran ceasefire signing pending.

The setup is done. June is the test.