Liquidity continues to tilt towards the US stock market

BTC ETF net outflows of $2.3 billion in May, while the Nasdaq hits new highs, AI chip stocks are rising across the board, the same group of institutional funds actively migrating, it's not a coincidence
The logic is straightforward, the real yield on US bonds is high, the appeal of yieldless assets is decreasing, $BTC relies on scarcity and expected appreciation to support valuations
In an environment pushed by the hawkish stance of Warsh and ongoing rate cut expectations, the cost-effectiveness has been outperformed by AI stocks with real profits
This is not short-term sentiment, but a macro-driven directional shift
But a reversal requires the Fed to soften or the Iran risk to materialize, neither of which are currently happening
Everyone shouldn't mistake the slight rise to $73K as a reversal; ETF outflows of several hundred million daily, and price stabilization can't hide this fact
At this stage, don't chase rebounds or bottom fish. When allocating to crypto, look for assets with independent business logic, $HYPE this week is a prime example
Crypto will eventually regain this money, but not now. Once the rate cut narrative re-establishes, institutions will return much faster than they leave
Until then, patience is more valuable than position size
DYOR, not investment advice