Bitcoin Faces Deeper Losses After 62,794-BTC ETF Outflows as Capital Rotates to AI Stocks
Updated
Updated · CoinDesk · Jun 2
Bitcoin Faces Deeper Losses After 62,794-BTC ETF Outflows as Capital Rotates to AI Stocks
3 articles · Updated · CoinDesk · Jun 2
$67,000 bitcoin is signaling a tougher summer, K33 said, after spot bitcoin ETFs shed 62,794 BTC over three weeks — the second-largest outflow streak on record.
K33 linked the weakness to money rotating into AI stocks and prospective tech IPOs such as SpaceX and Anthropic, while bitcoin failed to retake its 200-day moving average as the Nasdaq and S&P 500 hit records.
Derivatives data also turned more fragile: CME bitcoin futures open interest fell to its lowest since October 2023, while funding rates and open interest in perpetual futures rose even as bitcoin dropped, pointing to leveraged longs in a weakening market.
The firm had previously argued $60,000 was the cycle low, but now says fading institutional demand and latent selling pressure could push bitcoin below that level even though it still looks undervalued versus equities over the long run.