The crypto market is sliding into its familiar seasonal rhythm: lower volumes, narrower price swings, and a general sense of drift. Analyst DaanCrypto, who tracks Bitcoin’s monthly performance, notes that selling pressure typically ramps up from May, which ranks only sixth best for average returns. With thinner liquidity, BTC often enters a relatively uneventful phase.
Geopolitical Risks and U.S. Midterms Add Pressure
External factors could accelerate the summer slowdown. Unpredictable Iran negotiations and the adjustment period for a new Federal Reserve chair hint at a fast-moving few months ahead. Looking toward November, expectations of higher selling pressure on crypto ahead of the U.S. midterms make May through July a tough stretch for bulls. Iranian sources have just announced the activation of air defense systems again, with speculation that Donald Trump might resort to a “limited” military strike to break the negotiation deadlock. With stock markets at peaks, observers see the coming hours as a possible moment for action.
BAT Coin: A Six-Year High in Address Activity, Yet a 60% Price Drop
Amid the broader lull, Basic Attention Token (BAT) has drawn special attention. Analytics platform Santiment issued a warning: BAT’s recent spike in active addresses — the highest in six years — is not a sign of organic retail interest. After peaking at $0.30 five months ago, BAT has lost 60% of its market value. Yet the network just recorded its highest address activity in half a decade. The trigger: BAT Ambassadors formed a DAO and transferred 73 million GUANO tokens into it, prompting 5,196 unique addresses to interact with the system in a short span.
Santiment explains: “BAT community participants and ambassadors formalized this DAO initiative based on previous discussions throughout March, focusing on governance, experimentation, and incentives. The transfer of tens of millions of $GUANO tokens likely prompted thousands of wallets to claim, move, or interact with the new system, sparking the sudden surge in daily active addresses. In short, this was not purely organic retail participation. It was a structural event forcing dormant or inactive wallets to re-engage with the chain all at once.”
BAT’s long-term value still hinges on broader adoption and utility within the Brave ecosystem — a milestone not yet reached. Investors are urged to consider this context, especially if positive commentary on BAT leans heavily on recent on-chain movements.