Bitcoin (BTC) extended its 2026 decline toward the $59,000 mark this week, a move that flow data and analyst commentary suggested was driven less by anything crypto-native than by a rotation of capital out of digital assets and into the semiconductor trade. Cumulative fund flows for 2026 through late June showed money flowing out of US Gold and Bitcoin exchange-traded funds (ETFs) and into US semiconductor ETFs, according to Barchart, citing Bloomberg data. The Gold-plus-Bitcoin line turned sharply negative, while the Semiconductor line continued to climb. The pattern supported a reading of Bitcoin’s slide as a ... (full story)