Bitcoin drops below $66k, down nearly 2% in 24 hours, but a trader on Hyperliquid completed 21 consecutive short wins, closing $93.86 million worth of BTC shorts, with a profit of $3.32 million. He then switched to 3x leverage short on 50k ETH.

This is not an isolated retail investor story. During the same period, the US Nasdaq fell over 1%, and crypto-related stocks were heavily hit—MSTR down 4.3%, COIN down 5.2%, CRCL down 8.5%. ETF fund outflows continued, and spot sellers are regaining market dominance.
Deeper structural changes lie in the flow of capital from the crypto market to AI and tech stocks. US tech sector ETFs attracted $27 billion in April-May, while other sectors combined saw outflows of $4 billion. Bitcoin’s decline is not just a short-term reaction to geopolitical conflicts or ETF outflows, but a continuation of the capital shift trend.
On the risk front: warnings of a repeat of the 2022 trend are increasing, with key support levels under pressure. However, crypto-denominated futures positions remain high, and leverage betting has not subsided. The market’s pricing logic has shifted from “internal crypto narratives” to “fund flow competition”—who can attract more incremental capital will determine the next direction.
$hype #btc #eth #coin #crcl