Bitcoin Purists Unfazed by $200 Billion Price Drop

MarketsShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailBitcoin Purists Unfazed by $200 Billion Price Drop

Mati Greenspan, Michael Saylor, and Jameson Lopp attribute the capital flight from bitcoin to the AI boom, while Jack Mallers suggests buying the dip without offering a specific outlook.

By Olivier Acuna|Edited by Aoyon AshrafUpdated Jun 5, 2026, 7:31 p.m. Published Jun 5, 2026, 7:27 p.m. 4 min readMake preferred on

What to know:

• Bitcoin maximalists contend that the recent downturn is a short-term liquidity issue, driven by speculative investments moving towards AI, rather than a loss of faith in bitcoin.
• Analysts highlight significant outflows from U.S. spot bitcoin ETFs and a surge in AI stocks as indicators that traditional liquidity is favoring tech over crypto.
• While some critics cite broader macroeconomic pressures like high interest rates and ETF outflows as contributing factors, supporters view the downturn as a potential buying opportunity if bitcoin's fundamentals hold strong.

Despite a nearly 17% drop in value, resulting in the largest weekly decline since July 2024 and erasing about $200 billion from its market capitalization, dedicated bitcoin supporters remain optimistic about the leading cryptocurrency.

This group, often referred to as bitcoin maximalists, believes that bitcoin is the only cryptocurrency poised for sustained global acceptance and monetary significance. They argue that the recent capital shift towards AI represents a temporary liquidity crunch rather than an inherent flaw in bitcoin.

Currently, bitcoin's price is hovering below $60,000, reflecting a 27% decline over the past month and more than a 50% drop from its all-time high of $69,000 on October 6, according to data from CoinDesk.

The outflow of capital aligns with a record-setting $3.45 billion in withdrawals from U.S. spot bitcoin ETFs over an 11-day period. Meanwhile, Wall Street's enthusiasm for technology stocks remains robust, with AI-related equities still among the best performers. The Nasdaq has gained 34%, and the S&P 500 has risen nearly 24% over the last year, raising concerns among crypto investors regarding bitcoin's lackluster performance.

Some market analysts interpret this decline as a sign of waning confidence, while bitcoin maximalists attribute it to speculative capital shifting towards AI.

Mati Greenspan, a market analyst and bitcoin maximalist, asserts that the downward trend in bitcoin's price is not due to a loss of investor confidence but rather because AI has captured the market's speculative interest. "Bitcoin is not facing a bitcoin problem. It's facing a liquidity problem," Greenspan stated in an interview with CoinDesk on Friday. "AI has become the market's new obsession, but obsessions fade.”

Michael Saylor, Chairman of Strategy (MSTR) and a well-known bitcoin advocate, echoed Greenspan's view, suggesting that the substantial funding for AI initiatives (approximately $400 billion in the last six months) has been at the expense of bitcoin ETFs, which have experienced around $4 billion in outflows since May 14. Saylor emphasized that this represents a rotation of capital rather than a decline in bitcoin's value, stating, "Volatility creates opportunity.”

'The root cause'

Greenspan pointed to the recent $50 billion IPO of Anthropic, which aims for a valuation near $1 trillion, as a clear signal of where market liquidity may have shifted.

While bitcoin advocates reference the asset's historical long-term performance, current liquidity trends indicate that investments are flowing into AI infrastructure and major private fundraising rounds instead of cryptocurrencies.

Upcoming IPOs for companies like OpenAI, Anthropic, and SpaceX, which could collectively raise over $200 billion, are likely attracting investor capital away from speculative assets like bitcoin.

Jameson Lopp, a bitcoin core developer and maximalist, suggested that the ongoing bear market combined with traditional finance markets experiencing an AI boom may be the underlying factors. “I suspect the root cause is the bear market, combined with TradFi markets experiencing an AI boom,” Lopp stated on X.

However, not all experts agree that AI is the sole reason for bitcoin's current challenges.

Market data indicates that the pressures on cryptocurrency are multifaceted. Critics argue that attributing bitcoin's struggles solely to AI overlooks broader macroeconomic issues. Jason Fernandes, a bitcoin maximalist and co-founder of AdLunam, mentioned, “BTC is under siege from every angle right now. ETF outflows, high interest rates, creeping inflation, money rotating back into hot tech stocks, macro uncertainty, and now the psychological shock of Michael Saylor's Strategy selling BTC after years of preaching ‘never sell.’”

Strategy, the largest publicly traded corporate holder of bitcoin, faced significant backlash on social media after selling 32 bitcoin for $2.5 million in late May—its first sale in four years—to support dividend payments on its perpetual preferred stock, STRC.

Critics claimed this action undermined confidence in bitcoin, but Greenspan dismissed the alarm, likening the sale of 32 BTC against a holding of over 843,000 BTC to a negligible effect. "Selling 32 BTC against a balance sheet of more than 843,000 BTC is not even a rounding error," he remarked.

Is it time to buy?

Despite the outflows, some bitcoin maximalists believe this could be an opportune moment to invest in the underperforming asset, as its long-term fundamentals remain unchanged.

Greenspan suggested that the record outflows from bitcoin funds may indicate a shift back towards monetary assets. He proposed that bitcoin's current consolidation phase might serve as a good accumulation opportunity if the network's fundamentals remain solid. He noted that institutional adoption, regulatory clarity, and discussions about bitcoin as a strategic reserve asset have continued to evolve positively over recent years.

In the meantime, other bitcoin supporters, such as Strike CEO Jack Mallers, are encouraging investors to buy the dip via social media, avoiding broader market discussions.

However, a smooth transition back into cryptocurrency is not guaranteed. Greenspan cautioned that even if bitcoin's struggles are partly due to capital moving towards AI, a reversal may not necessarily favor crypto and could lead to further challenges. “If AI sentiment cracks, bitcoin could get hit twice: first from liquidity leaving crypto, and then again from a broader risk-off move across markets,” he warned.

“As for what comes next, I would be careful assuming the bottom is already in,” Greenspan advised.

Read more: Bitcoin isn't crashing because of Saylor, it's losing the momentum trade