Bitcoin falls below $66k, but Charles Schwab's analysis points out that the downward push isn't from Saylor selling coins, but from the waning momentum trading—funds are shifting from crypto to AI, IPOs, and other sectors.

This isn't panic; it's structural reallocation of capital. US tech ETFs attracted $15 billion in inflows from April to May, while other sectors saw net outflows of $4 billion, with extreme divergence continuing for months.
Crypto assets are being drained in a liquidity contraction, not facing a crisis of confidence.
What to watch is that this rotation could become self-reinforcing.
The AI narrative absorbs incremental capital, while crypto lacks equally large new stories, making short-term reversal difficult.
But Ray Dalio warns that the AI bubble will eventually burst, and if triggering factors appear, funds may flow back into crypto.
The current market is pricing two parallel realities: the certainty premium of AI and the liquidity discount of crypto.
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