Bitcoin peaked at $126,000 in October 2025.

Four months later, it was down by half. Today, it's sitting at $63,200.
Most people keep blaming the bear market and calling it "a healthycorrection".
But the real question is; where did the money that left Bitcoin go to?
Institutions that spent 2024 buying Bitcoin ETFs spent early 2026 rotating the capital into AI stocks, stay with me.
This was not that crypto failed them but because AI was printing harder.
The S&P 500 without AI stocks is up 3.5% this year. With AI, it has hit 11 record closes in May alone.
When the same dollar can sit in $NVDA or $BTC, it goes where the momentum is and that's exactly what has been happening.
In may alone, $2.3 billion left Bitcoin ETFs. This is actually the largest monthly outflow of 2026 so far.
Retail followed, and crypto spot volumes dropped 25 to 30%. Leverage reset.
This is not a crypto death story any way.
Capital rotates, and it always has.
Remember, it was Dot-com money that became real estate money. Real estate money became tech money and Tech money became crypto money.
The real question now is what narrative pulls it back to crypto.
What do you think?