Weekly Engine #100

W2 Jun 2026

GM/GN.

This week saw the largest-ever SpaceX IPO. Against the backdrop of this news, politicians slightly eased the pressure on the market. Overall, even though Global Risk On/Off stayed in the red all week in the terminal, the offering was successful, and the company’s current market capitalization already exceeds Bitcoin’s market capitalization.

For the leading cryptocurrency, the week was a recovery phase after the drop to the $60K level. Over the week, Exchange Netflow came in at -20.9K BTC, which points to ongoing structural pressure from sellers. Even so, the market is trying to recover through Short Liquidations, as the volume of short positions has built up noticeably over the past month.

Thursday's Adler AM #189 issue was fully focused on miners. In it, I compared the current state of the market with the bottoms of past cycles through the lens of three models. Even on the current Bitcoin Puell Multiple chart, you can clearly see the broader pattern that separates full capitulation from the market's current state.

From our internal updates: we are continuing to test the next version of Terminal 1.8. It will include the main Weekly Engine dashboard with signal history, the current main Terminal block will be renamed Intraday, and a basic Help section will be added for general navigation around the terminal.

The Weekly Engine tab will also be updated on Mondays to close the data gap that appears between the publication of the Sunday Weekly Engine report on this Substack and the full terminal update. In essence, the Sunday publication on Substack will serve as an early signal ahead of the full Weekly Engine update, while the extended Trader’s Evidence analysis will be available only on Substack, so you get an edge in decision-making.

Now to the main point: let’s break down what the market showed this week, which signals have already played out, which triggers are still in play, and what verdict the Weekly Engine is giving on Bitcoin right now.

Below is the full breakdown.