Taiwan stocks open above 46k, Bitcoin slips below 67k! K33: Everyone is rushing to trade in AI stocks—BTC is undervalued

Inspired by the US stock market, the Taiwan stock index, led by TSMC, broke through the 46k-point mark; in contrast, the crypto market saw Bitcoin fall below $67k as funds shifted to popular AI concept stocks. Experts point out that its value is severely underestimated.

Taiwan stocks surge past 46k at opening, Bitcoin falls below 67k

Recently, financial markets have shown polarization driven by the AI boom. Motivated by record highs in the US stock market, the Taiwan Weighted Index broke through 46,000 points this morning (6/3), led by TSMC; meanwhile, the cryptocurrency market experienced outflows, with Bitcoin ($BTC) dropping below $67,000, reflecting investors are still allocating funds into AI stocks.

TSMC leads Taiwan stocks higher, institutional analysts say technicals are bullish

According to the "Economic Daily," driven by strong employment data and the AI craze, the Dow Jones Industrial Average, S&P 500, and Nasdaq have hit new closing highs for five consecutive trading days, with the S&P 500 first surpassing 7,600 points. Chip stocks performed strongly, with the Philadelphia Semiconductor Index rising nearly 6%, and TSMC ADR also up 2.54%.

Under the influence of the US stock market, Taiwan stocks opened with strong momentum today. TSMC opened at a record high of 2,425 NT dollars and climbed to 2,440 NT dollars.

Led by TSMC and supported by heavyweight stocks like ASE Technology, Delta Electronics, and MediaTek, the market's gains quickly expanded by over 850 points, breaking through 46,000 points and even surpassing 46,500 points. Institutional analysts say the technical outlook for Taiwan stocks is bullish, helping funds to continue rotating.

K33 warns of Bitcoin's summer volatility

Compared to the lively stock market, the crypto market faced selling pressure. Bitcoin dropped as low as $66,100, a decline of about 6% in a single day, triggering the largest liquidation since February.

CoinGlass data shows that over $1.7 billion in long positions were forcibly liquidated, with Bitcoin positions accounting for $780 million.

According to CoinDesk, K33 Research Director Vetle Lunde pointed out that Bitcoin's difficulties reflect investors' preference for AI stocks.

He stated that the market perceives the opportunity cost of holding Bitcoin as too high, with funds shifting into soaring AI concept stocks. Capital rotation is quite evident in the Bitcoin ETF market, with spot ETFs experiencing net outflows of nearly 63,000 Bitcoins over the past three weeks, marking the second-largest consecutive outflow on record.

K33 Research believes Bitcoin is severely undervalued compared to equities, and the current derivatives market structure has changed. CME Bitcoin futures open interest has fallen to its lowest since October 2023, indicating institutional investors are reducing exposure.

Lunde warned that external capital reluctance to enter could cause Bitcoin to face intense volatility this summer, with the $60,000 support level tested again after February.

Further reading:
Cash reserves only $900 million! MicroStrategy sold a small amount of Bitcoin, but heavy interest costs may limit how long it can last

Bitcoin drops below $70k! MicroStrategy sells coins, US-Iran conflicts are double negative, shaking investor confidence

This content is compiled by Crypto Agent from various sources, reviewed and edited by "Crypto City." It is still in training, so there may be logical biases or informational errors. Content is for reference only and should not be considered investment advice.