Bitcoin Pizza Day arrived this year with the market in a sour mood. BTC is battling key support levels, Ethereum investor morale on Crypto Twitter has hit rock bottom, and both Bitcoin and Ethereum ETFs recorded significant outflows this week. Yet not everything is bleak: Hyperliquid's spot ETFs have drawn $69.6 million since their May 12 launch, and the HYPE token surged nearly 50% over the same period.
Pizza Day History Meets Present Pressure
On May 22, 2010, Laszlo Hanyecz paid 10,000 BTC for two pizzas — a transaction worth under $50 at the time, now worth hundreds of millions. The anniversary usually sparks nostalgia, but this year traders are watching support levels on BTC and a grim mood on the ETH side. Historically, May averages an 18% return for Bitcoin and Q2 averages 26%, but current headwinds have dampened that optimism. Private credit defaults hit an all-time high in USD, adding macroeconomic pressure on risk assets like crypto.
ETF Outflows and Institutional Moves
This week saw significant outflows from Bitcoin and Ethereum ETFs, reflecting broader risk-off sentiment. Meanwhile, Hyperliquid's spot ETFs have attracted $69.6 million since launch on May 12, including $25 million on May 21 and $16.1 million on May 22. The HYPE token has gained nearly 50% since that launch. In other institutional news, Bankless sold its ETH holdings for ZEC, and Harvard unloaded its entire $87 million ETH position. Trump Media's Bitcoin holdings declined, adding to the narrative of corporate treasury challenges. Rumors that Strategy (formerly MicroStrategy) might sell its Bitcoin holdings continue to circulate, fueled in part by Mark Cuban selling most of his BTC.
Altcoins Push Back: Litecoin and XRP
Mark Cuban's criticism of Bitcoin drew a sharp response from Litecoin, which publicly defended Bitcoin's core principles. On the altcoin front, XRP's network added 4,300 new wallets in a single day, signaling bullish sentiment despite the broader gloom. Tom Lee believes fresh money will flow into alt assets like crypto, potentially improving conditions for Ethereum. Altseason may be delayed, but historical patterns around Bitcoin Pizza Day often precede altcoin runs — so there's still hope for a rotation. Ethereum still boasts 72.8 million monthly active users despite price weakness, suggesting network activity isn't dead.
Michael Saylor predicts Bitcoin will outperform the S&P 500 by 30%. Whether the market can shake off its current funk may depend on whether the altcoin narrative gains traction in the coming weeks. The next few days will test if the historical May returns materialize or if the macro drag is too strong. With ETF outflows still heavy and rumors of large holders selling, traders are watching for a catalyst — maybe that long-promised altseason.
