Bitcoin is anticipated to have a turbulent summer, as investor interest moves towards artificial intelligence (AI) stocks rather than cryptocurrency, according to K33 Research.

K33 Research suggests that while bitcoin remains undervalued compared to equities, the shift in investor focus to AI stocks has made holding BTC less appealing.

By Krisztian Sandor|Edited by Stephen Alpher Jun 2, 2026, 6:42 p.m. 2 min readMake preferred on

Key Takeaways:

  • According to K33 Research, bitcoin is likely to face a tough summer as investors prioritize AI stocks and upcoming tech IPOs over cryptocurrencies.
  • The trend is evident in the significant outflows from bitcoin ETFs, which have recorded the second-largest three-week outflow in history.
  • K33 previously identified $60,000 as the cycle's low point but now expresses concerns that rising leverage and declining institutional interest might lead to further declines.

Currently, BTC is facing challenges, with prices dropping to around $67,000. This downturn is attributed to a continued shift of capital towards AI stocks, leaving the cryptocurrency market in a precarious position.

In a report released on Tuesday, K33 Research's Vetle Lunde indicated that the current weakness in bitcoin is a result of diminishing institutional demand, substantial ETF outflows, and increased risks in the derivatives market.

“The market largely perceives the opportunity cost of maintaining BTC holdings as too high while AI-related assets are surging,” Lunde noted.

This trend is becoming increasingly noticeable. Bitcoin has struggled to regain its 200-day moving average, while indices like the Nasdaq and S&P 500 continue to set new highs. Furthermore, upcoming IPOs from companies such as SpaceX and Anthropic may be diverting investment away from crypto, Lunde suggested.

The capital shift is reflected in bitcoin ETF activities, with spot bitcoin exchange-traded products experiencing a loss of 62,794 BTC in just three weeks, marking a historically significant outflow.

K33 mentioned that the selling pressure increased following bitcoin's unsuccessful attempt to surpass its 200-day moving average last month.

Reassessing the $60,000 Support Level

This change in sentiment represents a shift for K33. Previously, the firm believed that bitcoin's dip to approximately $60,000 in February marked the lowest point of the cycle. This stance was supported by notably negative funding rates in perpetual futures markets, which indicated a bearish outlook and set the stage for potential short squeezes.

This environment helped propel bitcoin's rise towards $83,000, but the advance was ultimately halted at the 200-day moving average, a level that has historically restricted bear market rallies.

Currently, the derivatives landscape appears considerably different, according to Lunde. CME bitcoin futures open interest has dropped to its lowest since October 2023, indicating that institutional investors are scaling back their exposure. In addition, funding rates in perpetual futures are rising, even as bitcoin prices decline, suggesting that leveraged long positions are being established in a weakening market.

While K33 has not entirely dismissed the idea that $60,000 could be the cycle's low, their outlook has become more cautious.

“We interpret the underlying selling pressure from leveraged long positions as a warning sign of possible deeper declines, and we advise caution,” the report stated.

Despite still viewing bitcoin as undervalued in the long term compared to equities, K33 emphasizes that the current market conditions are more challenging than they were just weeks ago, with institutional demand dwindling, ETF investors exiting, and capital flowing into more robust sectors.

“With external capital hesitant to enter and current holders reducing their exposure, we might be facing a turbulent summer,” Lunde concluded.

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