Bitcoin loses its luster as traders chase AI wave
Nearly $2.5 billion in long positions were liquidated as investors rotated money into AI stocks and spot bitcoin ETF outflows deepened.
- On Friday, Bitcoin touched its lowest level since just before President Donald Trump's reelection in 2024, marking a sharp reversal from the optimism that fueled record highs at the start of his term.
- Bitcoin has dropped to just above $60,000 amid waves of selling, erasing more than $1.2 trillion in market cap over eight months. BlackRock's flagship bitcoin ETF saw daily net outflows every trading session from May 15 to June 3.
- Traders faced nearly $2.5 billion in liquidated long positions over five days at the start of the month, according to CoinGlass data. Strategy, after selling 32 bitcoin last week, purchased 1,550 bitcoin on Monday, sparking a rebound.
- Mark Cuban, entrepreneur and Shark Tank investor, said on a podcast in May that Bitcoin "lost the plot" and failed as a hedge. Coinbase shares are down about 30% this year as investors shift focus to AI.
- Nerves about restrictive monetary policy and higher rates pressure crypto, while investors await regulatory clarity from the CLARITY Act. Bitcoin remains lower by more than 6% since Trump took office, limiting near-term recovery prospects.
10 Articles
10 Articles
Since reaching an all-time high of $126,000 last fall, Bitcoin has fallen to just above $60,000 amid waves of selling. This has wiped out more than $1.2 trillion in…
Bitcoin loses its luster as traders chase AI wave
Since hitting a record high of $126,000 last fall, bitcoin has dropped to just above $60,000 amid waves of selling. That has erased more than $1.2 trillion in market cap in eight months and wiped out all gains across President Donald Trump’s second term.
Bitcoin liquidation wave linked to AI capital rotation - The Blockopedia
Bitcoin’s drop toward $60,000 last week exposed how quickly a shift in investor appetite can turn into forced selling when leverage has been rebuilt beneath the surface of the crypto market. The largest cryptocurrency by market value fell nearly 14% last week, triggering almost $10 billion in liquidations of long futures as traders who had […] The post Bitcoin liquidation wave linked to AI capital rotation appeared first on The Blockopedia.
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