An ETF has withdrawn more than 60,000 units in three weeks, and SpaceX and Anthropic are still planning IPOs—this summer isn’t very friendly to holders.

ME News message, June 3 (UTC+8) — K33 Research’s Head of Research Vetle Lunde said that as capital chases AI stocks, Bitcoin faces a “volatile summer.” Bitcoin’s weakness reflects softer institutional demand, large outflows from ETFs, and increasing fragility in the derivatives market. The market widely believes that, amid the surge in AI-related assets, the opportunity cost of holding Bitcoin is too high. Signs of capital shifting are evident. Bitcoin failed to reclaim the 200-day moving average, while the Nasdaq and the S&P 500 continue to set new highs. Investors are also watching potential IPOs from companies such as SpaceX and Anthropic, further diverting funds away from the crypto market. Over the past three weeks, spot Bitcoin ETFs have cut holdings by 62,794 BTC.