On-chain data shows the retail-sized Bitcoin inflows to Binance have declined to historically low levels, a sign that small traders have left the market.
Ethereum is getting hammered. Bitmine Chairman Tom Lee made the case on May 18 that rising oil prices are directly dragging ETH down, calling the inverse relationship between oil and Ethereum the highest it's ever been.
Bitcoin has lost the $78,000 level as selling pressure intensifies and the market faces a wave of uncertainty that has reversed weeks of carefully built recovery momentum.