Institutional funds continue to see net outflows, and ETF redemptions hit a new high—does this cycle really feel different?

Text summary of Reddit's hot discussion on crypto market rotation and survival: BTC has fallen back from its peak in 2025, and in 2026 it still lags behind the S&P and Nasdaq, with sentiment remaining subdued. Key viewpoints include cycle theory, narrative theory, and the contradiction caused by AI disruptions leading to a lack of real use cases; most people are concerned about opportunity costs and when the rotation will occur. Institutional funds are clearly net outflows, with BTC spot ETF net redemptions in May reaching a yearly high, and no clear signs of recovery in the near future. Data as of 2026-06-02.