Bitcoin is bleeding institutional cash as AI steals the spotlight — fade the bounces
Bitcoin has fallen below $69,000 to its lowest level since April. Big institutional investors have been pulling money out of Bitcoin funds for 11 straight days — the longest streak ever — and there are signs that even more selling pressure could be coming.
Idea
Bitcoin is facing a rare combination of bad news all at once. Big institutions have pulled $3.4 billion out of Bitcoin ETFs over 11 straight days — the longest selling streak since these funds launched — which means the professional money that was supporting the price is heading for the exits. Meanwhile, Mt. Gox just moved $739 million worth of Bitcoin out of cold storage for the first time since March, which historically signals that creditor repayments (i.e., more selling) are coming soon. On top of all that, money is rotating into the scorching-hot AI stock rally, making Bitcoin look less attractive by comparison. When institutional outflows, potential new supply from Mt. Gox, and a competing narrative in AI all hit at the same time, the path of least resistance is likely further down.
Key details
Community
News sources
- Mt. Gox moves $739M in Bitcoin from cold wallets: Arkham — Cointelegraph
- ‘Materially softer demand': Bitcoin hits two-month low below $69,000 amid institutional outflow streak, fading onchain interest — The Block
- Bitcoin's biggest ETF selloff yet hits $3.4 billion as AI stocks keep climbing — CoinDesk