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Is the AI trade, Strategy, or macro factors to blame for bitcoin woes?
Bitcoin has been facing several headwinds, including the AI trade, massive outflows from bitcoin ETFs, as well as macro and geopolitical factors. Strategy’s bitcoin sale last week dampened sentiment, to say the least, and even though the company resumed buying on Monday, bitcoin is still stuck in a narrow range below $62,000. Strategy cofounder Michael Saylor blamed bitcoin’s woes on the AI trade, which, he said on X, “is absorbing capital at historic scale, creating temporary pressure across global markets,” adding that this “does not weaken Bitcoin.” Jeff Dorman, Arca CIO, called Saylor’s take ... (full story)
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