K33: As funds chase AI stocks, Bitcoin faces a turbulent summer

According to CoinDesk, K33 Research's research director Vetle Lunde stated that as funds chase AI stocks, Bitcoin faces a "volatile summer." The weakness in Bitcoin reflects a decrease in institutional demand, significant outflows from ETFs, and increasing fragility in the derivatives market. The market generally believes that the opportunity cost of holding Bitcoin is too high against the backdrop of soaring AI-related assets. There are clear signs of capital diversion. Bitcoin has failed to reclaim the 200-day moving average, while the Nasdaq and S&P 500 continue to set new highs.

Investors are also paying attention to potential IPOs from companies like SpaceX and Anthropic, further diverting funds from the crypto market. Over the past three weeks, spot Bitcoin ETFs have reduced their holdings by 62,794 BTC, marking the second-largest consecutive outflow on record. K33 previously believed that Bitcoin's drop to around $60,000 in February could be the largest pullback of this cycle, but now warns that leveraged long positions are accumulating in a weakening market, posing potential selling pressure. Lunde stated that external capital is unwilling to enter, and existing holders are reducing their exposure, suggesting that the market may face a volatile summer.