Bitcoin Loses Momentum to AI and IPOs as $1.78 Million 25-BTC Casascius Coin Is Peeled
Updated
Updated · CoinDesk · Jun 3
Bitcoin Loses Momentum to AI and IPOs as $1.78 Million 25-BTC Casascius Coin Is Peeled
3 articles · Updated · CoinDesk · Jun 3
Summary
Charles Schwab’s Jim Ferraioli said bitcoin’s recent weakness reflects a loss of momentum status, not fallout from Michael Saylor or fading institutional demand.
Capital is rotating into AI stocks, IPOs and gold, with crypto-native venues such as Hyperliquid now letting traders chase non-crypto assets through private-share and commodity-linked contracts.
Ferraioli said bitcoin remains largely a retail, trend-driven market, where some ETF buyers are using current prices to exit at breakeven and summer seasonality is adding pressure.
A 25-BTC Casascius coin minted in 2011-2013 was peeled this week, moving about $1.78 million on-chain and underscoring bitcoin’s collector appeal even as broader trading momentum cools.
The contrast leaves bitcoin with ETF access, regulatory progress and new products, but still struggling to rally while investors find stronger speculative narratives elsewhere.